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National Glass Industries: company reports loss for 1997

19 February 1998: Saudi Arabia“s National Glass Industries Company realised a SR 9.7 million pre-Zakat loss in the year 1997, compared with a SR 18.2 million profit in 1996, said the company in its u…

19 February 1998: Saudi Arabia“s National Glass Industries Company realised a SR 9.7 million pre-Zakat loss in the year 1997, compared with a SR 18.2 million profit in 1996, said the company in its unaudited financial statement for 1997 . The statement said operational profits and other revenues amounted to SR 15.5 million, compared with SR 38.9 million in the year before. Administrative and general expenditures stood at SR 16.9 million, down from SR 20.7 million in 1996. Investment losses in 1997 reached SR 8.2 million. Shareholders“ equity stood at SR 214.1 million, down from SR 226.1 million the year before. The equity in 1997 consisted of SR 200 million as paid up capital, SR 7.8 million as statutory reserve, and SR 6.2 million as retained profits. Both assets and liabilities of the company as on 31 December 1997 were balanced at SR 306.8 million, down from SR 322.4 million in 1996.

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