August 30, 2016

Al Hammadi Company for Development and Investment Announces the Progressing on the IFRS Conversion Project (Phase 1)

Following the resolution issued by the Board of Commissioners of CMA on 21-08-2016 regarding the disclosure of the listed companies their transition progress to the International Financial Reporting Standards (IFRS). Al Hammadi Company for Development and Investment announces the progressing on the IFRS conversion project (Phase 1) as follows:

1- The Company has appointed Ernst & Young as IFRS Conversion Project external consultant
2- The Company has developed a conversion plan in cooperation with the external consultant, the plan was announced in the BoD report of the year 2015. The Company targeting 30-11-2016 to approve the new accounting policies
3- The Company has formulated an internal qualified team to be responsible on the conversion project in coordination with the external consultant
4- The Company did not face any major difficulties until now in implementing the conversion plan
5- The Company is targeting 15-12-2016 to prepare firs IFRS financial statements for Q1-2016 and consequently preparing the financial statements of Q2, Q3, Q4, and Year-end 2016, so the Company will be ready to apply the IFRS by the beginning of 2017