Takween turns to loss of SAR 158.9 mln in 2022; Q4 loss at SAR 113.1 mln

Takween Advanced Industries Co. reported a net loss of SAR 158.9 million for 2022, against a net profit of SAR 19 million a year earlier.

The company attributed the losses to realizing an impairment loss on machine lines and related molds with total value SAR 50.4 million as per the IFRS 36, higher cost of revenue due to increase of raw material cost, in addition to higher selling and distribution expenses, financial charges and incurring wider loss from associate.

This was partially offset by an increase in sales revenue and a decrease in general and administrative expenses. Meanwhile, 2021 included a capital gain amount of SAR 53.1 million from disposal of the majority 70% share capital of SAAF Co.

The company widened its net loss for Q4 2022 to SAR 113.1 million from SAR 31.3 million in the same period a year earlier.

Takween extended its losses in Q4 2022 from SAR 21.8 million in Q3 2022.

Total shareholders’ equity, no minority interest, fell to SAR 434.62 million as of Dec. 31, 2022, from SAR 606.96 million a year earlier.

Accumulated losses stood at SAR 459.6 million as of Dec. 31, 2022, representing 48.38% of capital.

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