Riyadh –  Development Works Food Company announced the board’s proposal to cut its capital by SAR 90 million through a rights issue.

Through the capital reduction, the listed firm plans to diversify and expand its activities and other activities, according to a bourse filing.

In line with its future objectives, Development Works Food seeks to make optimal use of the spread of its brands to cover all regions of the Kingdom.

Meanwhile, the capital cut recommendation is still subject to the approval of the extraordinary general meeting (EGM).

In the first nine months (9M) of 2023, the company shifted to net losses after Zakat and tax valued at SAR 1.83 million, versus net profits of SAR 1.50 million in 9M-22.

Revenues fell by 10.10% to SAR 70.73 million in 9M-23 from SAR 78.77 million a year earlier.

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