Takween Records Losses of SR8.97 mln during 1Q

Takween Advanced Industries Company recorded losses after zakat and tax of SR8.97 million during the first quarter, compared to a profit of SR2.15 million during the same quarter of the previous year.

This came after Takween announcement on Thursday of the preliminary financial results for the period ending on March 31, 2022 (three months).

As for the operational loss, it amounted to SR4 million during the first quarter, compared to a loss of SR13 million during the same quarter of the previous year, a decrease of 71%.

The gross profit amounted to SR21 million during the first quarter, compared to SR12 million during the same quarter of the previous year, a growth of 78%.

Profits per share during the current period amounted to SR0.09, compared to SR0.022 during the same period of the previous year.

The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is:

The reason for the increase in net loss in the current quarter compared to the net profit for the same quarter of previous year is due to the increase in loss from investment in associate, Despite, the increase in sales revenue (34%) to increase the percentage of gross profit to (78%), also the decrease of cost of revenue percentage, the decrease in selling and distribution expenses, the decrease in financial charges, and the increase in other income.

The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year is:

The reason for the decrease in net loss in the current quarter compared to the net loss for the previous quarter is due to the increase in sales revenue by 20%, the increase in gross profit by 411% , the decrease in general and administrative expenses, the decrease in selling and distribution expenses Despite, the increase in financial charges, the increase in other income, and decrease in profit of equity-accounted investment.

Certain figures have been reclassified to comply with the current period presentation of the financial statements.

Additional Information:

1-The profit per share for the period ended on 31-03-2022 was calculated by dividing the net loss of SR(8,97million) on the weighted average number of shares 95 million therefor loss per share is SR(0,09), and for the same quarter of previous year was calculated by dividing the net profit of SR(2,16 million) on the weighted average number of shares 95 million therefor profit per share is SR(0,022).

2-The accumulated loses as of 31-03-2022 has reached SR (309,66 million), equal to 32,60% of the company’s capital of SR950 million. The accumulated loses as of 31/12/2021 has reached SR (300,68 million), equal to 31.65% of the company’s capital. Noting that the company is applying the procedures and instructions issued by the capital market authority of the listed companies in the Saudi Stock Exchange, which has accumulated losses of 20% or more of its capital.