Saudi Ibn Rushd: Financial woes set to ease on narrowed losses, ongoing projects

Arabian Industrial Fibers Co. (Ibn Rushd) said it expects financial troubles to ease this year, thanks to the imminent completion of its ongoing strategic projects.

The Saudi Arabia-based company narrowed last year’s losses to SAR 217.7 million (SAR 0.26 earnings per share) from SAR 705.5 million a year earlier.

In its board report for the previous year, Ibn Rushd said revenues decreased as operations in the aromatics and purified terephthalic acid (PTA) plants were suspended for its Ibn Rushd II expansion project.

Losses were narrowed year-on-year as impairments of property and equipment declined to SAR 3.2 million in 2014 from SAR 378 million the previous year.

Ibn Rushd is 47.26 percent-owned by Saudi Basic Industries Corporation (SABIC), the kingdom’s largest petrochemicals producer.

Capitalized at SAR 8.51 billion, Ibn Rushd’s complex in Yanbu produces aromatics, polyester staples, and purified terephthalic acid (PTA), which is used in making polyester.

The following table illustrates items selected from Ibn Rushd’s balance sheet, based on data compiled by Argaam.