Takween’s losses increased to SR30.3 million during Q3, by ‎‎38.4%‎

Takween Advanced Industries Company revealed that the net loss after zakat and tax in the third quarter increased to 30.3 million riyals, compared to 21.8 million riyals in the same quarter of last year, by 38.4%. This came after today’s announcement of the preliminary financial results for the period ending on September 30. 2023 (nine months).

The operating loss amounted to 14.5 million riyals in the third quarter, compared to 10.5 million riyals in the same quarter of the previous year, an increase of 37.9%.

The net loss after zakat and tax in the 9-month period amounted to 86.1 million riyals, compared to 45.8 million riyals in the same period last year, an increase of 87.8%.

Total shareholders’ equity (excluding minority rights) amounted to 341.1 million riyals in the current period, compared to 550.5 million riyals in the same period last year, a decline of 38%.

The loss per share in the current period reached 0.65 riyals, compared to 0.99 riyals in the same period last year.

The reason for the increase in net loss for the current quarter compared to the net loss for the same quarter of the previous year is due to a decrease in sales revenues, an increase in the ratio of cost of sales to sales, an increase in administrative and general expenses, and an increase in financing expenses, despite the decrease in selling and marketing expenses and the decrease in losses. The share of the result of investment accounted for in equity, and the increase in other revenues

The reason for the increase in the net loss for the current quarter compared to the net loss during the previous quarter is due to the decrease in sales revenues, the increase in the ratio of cost of sales to sales, and the increase in share losses as a result of investment accounted for in equity, despite the decrease in administrative and general expenses, and the decrease in expenses. Sales and marketing, reduced financing expenses, and increased other revenues.