Correcting announcement from Saudi Arabian Amiantit Co. in regards to Saudi Arabian Amiantit Co. announces its Interim Financial Results for the Period Ending on 2019-09-30 ( Nine Months )
| Element List | Explanation |
|---|---|
| Date of Publishing the Previous Announcement Sought to be Corrected on Tadawul's Website | 2019-11-10 Corresponding to 1441-03-13 |
| Incorrect statements in the previous announcement | Reference to our announcement dated 10/11/2019 which was as follows.
Total shareholders’ equity (net of minority interest) during the current period amounted to SAR 333.9 million compared to SAR 655.6 million for the same period last year representing a decrease of SAR 321.7 million or 49.1% |
| Correct Statement | Total shareholders’ equity (net of minority interest) during the current period amounted to SAR 333.9 million compared to SAR. 791.9 Million for the same period last year representing a decrease of SAR 458.0 Million or 57.8% |
| Additional Information | The Total shareholders’ equity (net of minority interest) for 30/09/2018 as reported on the 30/09/2019 Interim FS amounts to SAR 791.9 million while as per the last year 30/09/2018 Interim FS, the Total shareholders’ equity (net of minority interest) amounts to SAR 845.8 million. The difference is due to audit adjustment. The impact of IFRS 9 on Total shareholders’ equity (net of minority interest) 01/01/2018 amounting SAR 64.5 million that was audited in the annual FS of 2018 was different from the one previously disclosed in unaudited interim FS of the first 3 quarters of 2018 of SAR 10.6 million.
In 2019, management used the audited balance as of 1.1.2018 in its interim fs for 2019. The company has a policy to use audited balances if they were different from unaudited balances. Such process has no impact on the shareholders equity as of 30-9-2019 and 31-12-2018. |
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