Methanol Chemicals Co. (Chemanol) said on Thursday that shareholders’ equity dropped by SAR 168 million after the implementation of International Financial Reporting Standards (IFRS).
The chemicals producer recorded SAR 149 million in fixed asset impairment, it added in a statement to the Saudi bourse.
The provision for end-of-service benefits increased by SAR 12.6 million, while the company’s loan balance dropped by SAR 6.4 million due to amortization costs.
Chemanol added that it is ready to issue its first IFRS-based financials for Q1-2017.
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