Takween narrows loss to SAR 8.2M in H1 2024; Q2 at SAR 4.2M

Takween Advanced Industries Co. reduced its losses to SAR 8.2 million by the end of H1 2024, compared to SAR 55.8 million during the same period in 2023.

This came as the first-half gross profits soared year-on-year (YoY) on the lower cost of revenue, general & administrative and selling & marketing expenses for the same period. The company also turned to registering operating profits in H1 2024, versus operating losses a year ago.

Additionally, financing costs and equity-accounted investment losses from associate companies decreased YoY amid higher other revenues for the first six months of the year.

Takween turned to profitmaking in H1 2024 despite lower sales volumes due to exiting some low-margin business activities during the six-month period.

The company also trimmed its net loss in Q2 2024, reaching SAR 4.2 million versus SAR 30.07 million a year earlier.

However, on a quarterly basis, net losses grew from SAR 4 million in Q1 2023 as revenues slumped quarter-on-quarter (QoQ) in the second quarter of 2024 although sales volumes remained unchanged.

Shareholders' equity (no minority interest) advanced to SAR 459.8 million by the end of June 30, 2024, compared to SAR 203.7 million in the same period last year.

Accumulated losses amounted to SAR 230.7 million by the end of the current period, representing 30.2% of Takween’s capital.

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