Takween Advanced Industries (Takween) slid into a deeper net loss of SAR 86.1 million in the first nine months of 2023, compared to SAR 45.9 million a year earlier.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 809.89 | 644.94 | (20.4 %) |
| Gross Income | 49.21 | 28.57 | (41.9 %) |
| Operating Income | (18.73) | (37.06) | (97.9 %) |
| Net Income | (45.85) | (86.13) | (87.8 %) |
| Average Shares | 57.86 | 57.86 | - |
| EPS (Riyals) | (0.79) | (1.49) | (87.8 %) |
The company reported a decline in the cost of goods sold, along with higher cost of sales to total sales.
Further, Takween recorded higher general and administrative (G&A) expenses, as well as finance costs (FCs).
By contrast, selling and marketing expenses decreased.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 273.99 | 194.71 | (28.9 %) |
| Gross Income | 11.99 | 5.03 | (58.0 %) |
| Operating Income | (10.56) | (14.57) | (37.9 %) |
| Net Income | (21.89) | (30.31) | (38.5 %) |
| Average Shares | 57.86 | 57.86 | - |
| EPS (Riyals) | (0.38) | (0.52) | (38.5 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 217.61 | 194.71 | (10.5 %) |
| Gross Income | 8.39 | 5.03 | (40.0 %) |
| Operating Income | (14.48) | (14.57) | (0.6 %) |
| Net Income | (30.07) | (30.31) | (0.8 %) |
| Average Shares | 57.86 | 57.86 | - |
| EPS (Riyals) | (0.52) | (0.52) | (0.8 %) |
In Q3 2023, losses increased to SAR 30.3 million from SAR 21.89 million in the prior-year period. Takween cited lower cost of goods sold, along with higher ratio of the cost of sales to total sales. G&A as well as FCs also increased, despite a drop in selling and marketing expenses decreased.
On a quarterly basis, losses rose from SAR 30.07 million in Q2 2023.
Total shareholders’ equity, with no minority interest, reached SAR 341.10 million by the end of the nine-month period, from SAR 550.55 million a year earlier.
Accumulated losses as of Sept. 30, 2023 reached SAR 60.37 million.
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