Saudi Ceramics to reassess useful life of its machinery & equipment

Saudi Ceramic Co.’s board of directors has approved revaluation of the useful life of its plants’ machinery and equipment, the company said in a bourse statement.

The decision was based on a study performed by a consultancy office.

The company expected this process to have a positive impact on the financial results of 2019 related to fixed assets depreciation expenses.

This accounting event won’t have any impact on cash flows, the statement added.