‎SIDC adjusts SAR 132.9M accounting treatment for Ibn Rushd stake

Saudi Industrial Development Co. (SIDC) corrected an accounting treatment by reclassifying SAR 132.9 million from the accumulated losses account to the fair value reserve of financial assets through other comprehensive income (OCI).

This adjustment, made in accordance with international standards, relates to its stake in Arabian Industrial Fibers Co. (Ibn Rushd).

Saudi Industrial Development Co. (SIDC) corrected an accounting treatment by reclassifying SAR 132.9 million from the accumulated losses account to the fair value reserve of financial assets through other comprehensive income (OCI).

This adjustment, made in accordance with international standards, relates to its stake in Arabian Industrial Fibers Co. (Ibn Rushd).