Takween widens H1 loss to SAR 55.9 mln, Q2 at SAR 30 mln

Takween Advanced Industries (Takween) increased its net loss to SAR 55.9 million in the first half of 2023, compared to SAR 24 million a year earlier.

The loss increase was due to lower sales revenue, higher cost of revenue percentage, as well as a rise in general and administrative (G&A) expenses. The company also cited an uptick in financing charges and a drop in other income. This was despite the decrease in selling and distribution expenses, as well as a loss from investment in an associate.

Takween reported a net loss of SAR 30.1 million in Q2 2023, compared to SAR 14.99 million a year before. 

The second-quarter loss was due to a decrease in sales revenue and an increase in the cost of revenue as a percentage of sale, along with higher G&A expenses. 

On a sequential basis, the company widened its net loss from SAR 25.76 million. 

Total shareholders’ equity, after minority interest, reached SAR 371.43 million by the end of H1 2023 from SAR 574.01 million a year ago. 

Accumulated losses by the end of H1 2023 reached SAR 515.41 million, representing 54.25% of the company’s SAR 950 million capital. 

View More Financial Results