Al Othaim’s net income falls on IFRS adoption in 2016

30/04/2017 Argaam

Abdullah Al Othaim Markets Co.’s consolidated net income for fiscal year 2016 dropped by SAR 1.96 million on the implementation of International Financial Reporting Standards (IFRS), the company said in a statement to Tadawul on Sunday.

 

Meanwhile, provisions for end-of-service benefits increased by SAR 1.96 million, due to application of the international accounting standard (IAS) 19.

 

The retailer added that quarterly financial statements for 2016 were prepared in compliance with the new standards.

Comments {{getCommentCount()}}

Be the first to comment

loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.