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

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.