Al-Babtain Power and Telecommunication Co.’s implementation of International Financial Reporting Standards (IFRS) has resulted in a SAR 28.5 million decrease in retained earnings, the company said in a statement to Tadawul on Tuesday.
The decline in retained earnings was due to a SAR 12.7 million decrease in inventory value, and SAR 14.4 million in relocation costs.
IFRS compliance also resulted in a SAR 1.4 million increase in provisions for end-of-service benefits, Al-Babtain said.
The company will issue its first IFRS-compliant financial statements in Q1 2017, the statement added.
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