Riyadh – Mubasher: Saudi Arabian Mining (Maaden) announced the impact of the conversion to the International Financial Reporting Standards (IFRS) on its financial statements.
The company expects to recognise total impairments of SAR 2.9 billion in respect of its aluminium rolling business and its investment in the jointly controlled entity Sahara Maaden Petrochemical Company (SAMAPCO), according to a bourse filing.
The impairments will have an impact on the company’s retained earnings as of 1 January 2016 and the financial statements compliant to IFRS for 2016.
Maaden said that the impact on its financials will be the result of applying the impairment testing methodology required under IFRS to its assets.
