RIYADH: Al Hassan Ghazi Ibrahim Shaker Co., the sole distributor of LG air conditioners in the Kingdom, said its accumulated losses have dropped to zero.
This follows a capital reduction of SR148 million ($40 million) to SR482 million in a bid to restructure capital and offset accumulated losses, according to a bourse filing.
Saudi-listed Shaker had earlier reported a 48 percent growth in net profit to SR14.5 million for the first quarter of the year.
Revenues rose 11 percent to SR320 million during the quarter on higher sales of air conditioners and home appliances in the Kingdom.
Most recently, the group entered an initial deal with Italy’s Bompani to set up a joint venture factory to manufacture cooker ranges in Saudi Arabia.