Further to Almarai Company announcement on Tadawul website dated 25th October 2016, related to its International Financial Reporting Standards (IFRS) implementation plan - Phase Two, Almarai Company is pleased to announce to its Shareholders the following update:
1. On December 6th 2016, the Almarai Board of Directors approved the accounting policies necessary for the preparation of IFRS financial statements, in line with Saudi Organization for Certified Public Accountants (SOCPA) requirements.
2. In accordance with its implementation plan, the Company has prepared IFRS Financial Statements for the six months period ended 30 June 2016,
3. There are no significant effects on the Company's Financial Statements as a result of the implementation of IFRS,
4. The Company confirms that it does not anticipate any difficulties or hindrances that may affect its ability to prepare financial statements in accordance with IFRS.
As per its approved IFRS implementation plan, Almarai will issue its first statutory IFRS Financial Statements for the first quarter 2017 within the applicable regulatory period.
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.