Takween’s 9M 2023 loss deepens to SAR 86.1 mln; Q3 at SAR 30.3 mln

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.​

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.

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.

View More Financial Results