Ten companies whose accumulated losses exceeded 50% of their capital announced their management financial statements for the period ending July 31.

Nine of these companies recorded additional losses during July, increasing the ratio of accumulated losses to equity, while one company reported a net profit. Waqaya Insurance is the only company that had not announced its monthly results as of the end of last week.

The Capital Market Authority had begun enforcing procedures and instructions for companies listed on the market whose accumulated losses reached 50% or more of their capital, effective July 1, 2014.

The Capital Market Authority required companies with losses exceeding 50% of their capital to make a public announcement at the end of each month, in accordance with the calendar adopted for calculating their fiscal year, regarding their financial statements prepared by company management, no later than ten days after the end of each month.