Riyadh – Mubasher: Al Babtain Power and Telecommunication said that the opening balance of the retained profits decreased by about SAR 28.5 million on 1 January 2016.

The company attributed the decline to the conversion to International Financial Reporting Standards (IFRS), according to a bourse filing on Tuesday.

The reduction was represented in the shrinkage of the inventories’ value by SAR 12.7 million, adding to the increase of end-of-service provision by SAR 1.4 million.

Al Babtain stressed its readiness to prepare its first financial statement for the first quarter of 2017 as per IFRS, during the set period.