Riyadh – Mubasher: Tabuk Agricultural Development said that the conversion to the International Financial Reporting Standards (IFRS) raised the retained earnings by SAR 14.2 million.

The retained earnings' balance increased SAR 28 million for the revaluation of some properties, machinery and equipment, then it was decreased by SAR 4.5 million as a result of the revaluation of the finished products and by SAR 9.3 million for the recalculation of the end-of-service provision of for the employees, according to a bourse filing.

The Saudi-listed firm said that The IFRS transition process is going smoothly and no significant difficulty is yet encountered, confirming its readiness to implement IFRS and prepare and release IFRS financial statements for Q1-17 within the applicable regulatory period.

The company achieved SAR 25.7 million net losses in Q4-16 compared to SAR 2.86 million in the year-ago period.