Saudi International Petrochemical Company’s (Sipchem) said that audited financial statements showed an additional decline in retained earnings of SAR 103 million in the opening balances as of Jan. 1, 2016 on implementation of International Financial Reporting Standards (IFRS).

 

The total decline in retained earnings will be SAR 589 million as of Jan. 1, 2016 as the company had announced earlier that implementation of IFRS would result in a SAR 486 million fall in retained earnings.

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