Maaden has announced an update on the transformation process to IFRS, highlighting that it will recognise a total impairment charge of SAR2.9bn. The impairment charges are related to the company’s aluminum rolling business and SAMAPCO (its JV with Sahara). It is worth noting that the impairment will be reflected in: i) the company’s retained earnings balance as of 1 January 2016; and ii) full year 2016 IFRS compliant financial results.
Maaden: SAR40.80 as of 2 Apr. 2017, Rating: Neutral, TP: SAR30.00/share, MCap: USD12,708mn, MAADEN AB/1211.SE