Riyadh – Mubasher: Saudi Marketing’s (Farm Superstores) said that the conversion to the international financial reporting standards (IFRS) resulted in decreasing the shareholders’ equity by SAR 6.8 million.
The decline resulted from forming a SAR 6 million provision to answer the potential financial obligation as per the international financial reporting standard no 37, according to a bourse filing on Tuesday.
According to the actuarial revaluation, there is increase in provision for end of service benefits by SAR 293,000 and value of investment in unlisted companies is reduced by SAR 539,000 million.
The company expected announcing its initial statements for the first quarter of the year according to IFRS in time.
The Saudi-listed firm posted SAR 16.84 million net profi9ts in Q4-16 compared to SAR 16.28 million in the year-ago period, with a 3.4% decrease.
