Auditors said losses of $2.47mln indicate concerns that there may be uncertainty regarding ability to continue as a going concern
Board members of Gulfa General Investments Company (Gulfa Invest) are to continue to provide financial support after the company posted 2020 accumulated losses of AED 9.016 million ($2.47 million).
The support would enable the company, formerly Gulfa Mineral Water and Processing Industries Co PLC, to meet obligations when the fall due, according to reports posted to Dubai Financial Market.
Losses widened from 2019 to AED 3.97 million, but auditors said reports were prepared on the basis that the business will continue as a going concern as the board undertook to continue to provide financial support.
The company, which changed its name from Gulfa Mineral Water in December 2020, lists its principal activities as commercial, industrial, agricultural, sport and entertainment enterprises investment.
Financial statements also showed that the company lost AED 3.82 million in discontinuing operations in 2020, versus a profit of AED 1.95 million profit from continuing operations.
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