Saudi Vitrified Clay Pipes Co.’s (SVCP) implementation of the International Financial Reporting Standards (IFRS) has resulted in a SAR 42.7 million increase in shareholders’ equity, the company said in a statement to Tadawul on Monday.
IFRS application has led to higher retained earnings, due to an SAR 1.7 million increase in the provision for end-of-service benefits, SVCP said.
Revaluating fixed assets such as equipment and machinery has resulted in a SAR 43.6 million increase, while the value of some parts dropped by SAR 2.6 million.
The company is ready to announce its financial results for Q1 2017 in compliance with IFRS, the statement added.
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