| Element List | Explanation |
|---|---|
| Introduction | Jazan Development and Investment Company (JAZADCO) announces that its accumulated losses have reached 26.72% of the share capital, based on the annual financial results for the year ended December 31, 2024, which were disclosed on the Tadawul website on March 27, 2025. |
| Date of Realization of the Loss | 2024-12-31 Corresponding to 1446-06-30 |
| Amount of the Accumulated Losses | SAR 133,625,370 |
| Percentage of the Accumulated Losses out of the Capital (%) | 26.72 % |
| Major Reasons Leading to the Losses | JAZADCO had provided a guarantee to the Saudi Industrial Development Fund (SIDF) corresponding to its 15% share of a loan amounting to SAR 672 million granted to Al Reef Sugar Refining Company. JAZADCO’s portion of the guarantee amounts to SAR 100,800,000. |
On November 17, 2024, the Saudi Industrial Development Fund called in the full loan amount from the guarantors of Al Reef Sugar Refining Company due to the project's default in repayment.
As a result, JAZADCO recognized the guaranteed amount as a liability in its financial statements, which negatively impacted the income statement.
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