SABIC affiliate Ibn Rushd’s FY15 loss widens to SAR 1.8 bln

Arabian Industrial Fibers Co. (Ibn Rushd), which is 48.07 percent-owned by Saudi Basic Industries Corp (SABIC), widened net losses for the fiscal year 2015 to SAR 1.8 billion, from SAR 217.7 million a year earlier.

The petrochemical producer attributed the losses to lower product selling prices amid the current conditions in the oil market.

Ibn Rushd decided to halt output in October and November to curb losses. It also allocated SAR 781 million in provisions for equipment depreciation.

The company’s accumulated losses, which reached SAR 9.13 billion, stood at 107 percent of its capital last year.

In addition, Ibn Rushd recorded negative shareholders’ equity of SAR 582.3 million in FY15.

Meanwhile, revenue surged by 231 percent year-on-year (YoY) to SAR 5.30 billion in the same period.

Saudi Arabia’s Public Investment Fund (PIF) holds a 33.5 percent stake in Ibn Rushd, while Saudi Arabian Fertilizer Co. has 3.87 percent.