Riyadh – Mubasher: The National Shipping Company of Saudi Arabia's "Bahri" said that the financial impact of the conversion to the international financial reporting standards (IFRS) amounts to SAR 55 million.

The company added that the retained earnings will be decreased by this sum as of the first of January, according to a bourse filing on Tuesday.

The firm confirmed its readiness to prepare its financial statements for the first quarter of 2017 as per the IFRS.

There are no core impacts on the company resulting of applying the IFRS, the statement said.

The National Shipping Company of Saudi Arabia (Bahri) reported a 42.12% decline year-on-year to SAR 327.82 million in Q4-16, compared to SAR 566.4 million.