Full Announcement

The National Agricultural Development Company (NADEC) announces the latest developments of complying with the International Accounting Standards (Phase III) - 2017/02/06
Further to the announcements of The National Agricultural Development Company (NADEC) on the Saudi stock market website (TADAWUL) in August 29, 2016 and October 27, 2016; about its plan to apply the international financial reporting standards (IFRS), the company would like to announce the following to its shareholders:
1. The adoption of the basic accounting policies in the preparation of financial statements complying with the international accounting standards (IAS) starting from 01/01/2017 AD.
2. The company is currently working on the preparation of Opening Statements of Financial Position as in 01/01/2016 AD, then Comparative Financial Statements shall be prepared as in 31/12/2016 AD, and the Statement of the first quarter shall be prepared as in 31/03/2016 AD; due to accounting procedures and treatments discussed with the external auditor. Such statements are expected to be completed before the end of the first quarter of this year.
3. The financial effect on the financial statements of the company shall be announced upon completion of the preparation of such statements in accordance with IAS.
4. The Company did not encounter any obstacles yet that may affect their ability to prepare financial statements complying with International Financial Reporting Standards (IFRS).
5. The Company shall be ready to publish its financial statements for the first quarter of 2017 in accordance with International Accounting Standards during the specified schedule.