January 30, 2017

Al Hammadi Company for Development and Investment Announces the Progressing on the IFRS Conversion Project (Phase 3)

Following the resolution issued by the Board of Commissioners of CMA on 21-8-2016 regarding the disclosure of the listed companies their transition progress to the International Financial Reporting Standards (IFRS). And following to what we announced regarding Phase 2 on 25-10-2016. Al Hammadi Company for Development and Investment announces the progressing on the IFRS conversion project (Phase 3) as follows:
1- The Board of Directors has approved the new accounting standards.
2- The company has completed the preparation of the interim and year-end skeleton financial statements under IFRS and shared them with the Company auditor for review and discussion.
3- The company prepared the first quarter of 2016 financial statements according to the IFRS.
4- The company has no barriers to prepare the financial statements according to the IFRS for the financial periods starting 1/1/2017.
5- There is no material adjustments as a result of the conversion.
6- The Company is ready to issue the first quarter 2017 financial statements under the IFRS within the determined period.