Riyadh - Mubasher: Jana Medical Company announced that its accumulated losses reached SAR 13.029 million, representing 40.55% of its capital, based on its annual financial results for the fiscal year ending December 31, 2024.

The company explained in a statement on the Saudi Stock Exchange (Tadawul) on Monday that the main reasons for the accumulated losses are a rise in the provision for credit losses, in addition to the addition of a provision for lawsuits, and higher financing costs.

The company indicated that it is working to implement a number of measures to address these losses, including increasing sales by enhancing marketing activities, improving the customer experience, and expanding the distribution network. It also aims to reduce expenses through a comprehensive review of operational and administrative items, with the goal of improving operational efficiency and reducing unnecessary expenses.

It also outlined its plan to increase the number of exclusive agencies for medical devices, with the aim of developing innovative products and diversifying sources of income. It also outlined its plan to assess its financial position and liquidity, and adopt a five-year business plan that includes cash flows and future projections.

The company added that it is currently working on activating the Odoo ERP system, with full implementation scheduled for the second quarter of 2025. The goal is to enhance operational efficiency, improve performance, and drive digital transformation, which will positively impact sales and operating costs.

The company confirmed that it will implement the procedures and instructions for companies listed on the Saudi Stock Exchange whose accumulated losses amount to 20% or more of their capital.