Net loss – SAR-9 million, N/M Y-o-Y, N/M Q-o-Q, N/M versus EFGe Recurring income – SAR109 million, +20% Y-o-Y, N/M Q-o-Q, +13% versus EFGe Gross profit – SAR262 million, 0% Y-o-Y, 100% Q-o-Q, -9% versus EFGe Net operating profit – SAR102 million, +13% Y-o-Y, N/M% Q-o-Q, +6% versus EFGe   SPIMACO reported its preliminary 4Q2015 results, showing net loss of SAR9.1 million due to one-off impairment loss of SAR118.5 million. SPIMACO’s Board of Directors (BoD) approved at its meeting held on 20 January 2016 decreasing the value of its investment in Arabian Industrial Fibers Company (Ibn Rushd) by 33% and record an impairment loss of SAR118.5 million in 4Q2015. SPIMACO owns 4.17% in the company, an investment worth SAR355 million. SPIMACO will continue to review the fair value of its investment in Ibn Rushd going forward. On a recurring basis (excluding the impairment), earnings increased 20% Y-o-Y (13% above our estimate), driven by lower SG&A (-6% Y-o-Y) and supported by higher below EBIT items. Revenue for the quarter grew c20% Y-o-Y, coming in 5% above our forecast. However, gross profit was flat Y-o-Y (-9% versus estimate) on lower gross margins that dropped 10pp Y-o-Y to 51%, while net operating profit was up 13% (+6% versus estimate) on lower SG&A (-6% Y-o-Y). EBIT margin inched down 130 bps Y-o-Y to 19.8% (in line). (Earnings release, Tarek El-Shawarby)