Maaden takes SAR 3 bln asset impairment hit post IFRS

Saudi Arabian Mining Company (Maaden) said the implementation of the International Financial Reporting Standards (IFRS) resulted in an asset impairment of SAR 2.9 billion in aluminum rolling business in its affiliate company, Sahara Maaden Petrochemical Company (SAMAPCO).

This asset impairment will weigh on the company’s retained earnings as on January 1, 2016 and the IFRS-based financial statements for FY16, the company said in a bourse statement.