Amiantit: the use of the fair value model increases the net real estate assets by 389.7 million riyals

Saudi Arabian Amiantit Company announced its board of directors’ decision to use the fair value or revaluation model to measure real estate and investment properties.

The company stated in a statement posted on the site web of the Saudi market, “Tadawul”, that the expected financial impact on equity is 389.7 million riyals, an increase.

The expected financial impact will start from 01-04-2022.

Amiantit indicated that the use of the new accounting principle does not lead to a cash flow within the company.

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