The total cumulative losses of 51 companies listed in the Saudi Stock Exchange (Tadawul) exceeded SR12.9 billion at the end of the second quarter this year, a study of the Al-Eqtisadiah daily said yesterday.
The companies account for 32 percent of the 160 Tadawul listed companies. This was before the listing of AlJazira Takaful in the third quarter.
The study also noted that the number of companies with huge cumulative losses was 41 in the same period last year. The three companies, whose losses exceeded their capitation, have been suspended from trading in the stock market. They are Al-Mojil Group, Bishah Agricultural Development Company and Al-Baha Investment & Development Company.
Piled up losses of Al-Mojil amounted to SR2.3 billion, equivalent to 186 percent of its SR1.25 billion capital. Meanwhile, accumulated losses of Bishah Agricultural amounted to SR63 million, about 126 percent of its capital, SR50 million.
Al-Baha piled up SR174 million of losses that is equivalent to 116 percent of its SR150 million capital.
Losses of seven of the loss-making companies exceeded 50 percent of their capital. These are Wafa Insurance Company with losses of SR 64 million, which is 64 percent of its SR100 million capital, followed by Themar with losses of SR60 million, 60 percent of its SR100 million capital; Sanad Insurance Company with losses of SR144 million, equivalent to 57 percent of its SR200 million capital; Al-Ahlia for Cooperative Insurance Company with its piled up losses of SR55 million, about 55 percent of its capital; and Al-Rajhi Takaful Company which piled up losses of SR110 million, equivalent to 55 percent of its capital of SR 200 million.
The other companies are ACIG with losses of SR107 million, 53 percent of its capital, and Arabia Insurance with losses of SR103 million equivalent to 51 percent of its capital.
Three other companies are approaching the 50 percent losses of its capital. These include Etihad Atheeb Telecom and Borouge each with 47 percent losses of their respective capital, and Eastern Agriculture with 45 percent losses of its capital.
51 listed firms suffer SR12.9bn in losses
