Takween swings to SAR 45.9 mln loss in 9M 2022; Q3 at SAR 21.9 mln

Takween Advanced Industries (Takween) turned to a net loss after Zakat and tax of SAR 45.9 million in the first nine months of 2022, against a net profit of SAR 50.4 million in the year-ago period.

The company reported a rise in the cost of revenue percentage, due to higher raw material costs and finance charges amid increased interest rates. It also recorded higher losses from an associate.

This came despite an increase in sales revenue and other income, alongside a decrease in general and administrative (G&A) expenses, as well as selling and distribution expenses. Takween recorded a capital gain from the disposal of a 70% stake in SAAF Advanced Fabrics Company (SAAF).

In Q3 2022, the company turned to a net loss after Zakat and tax of SAR 21.9 million, versus a net profit of SAR 40.34 million on an increase in the cost of revenue percentage and finance charges.

Compared to Q2 2022, net losses widened by 46% from SAR 14.99 million.

Total shareholders’ equity, no minority interest, stood at SAR 550.559 million as of Sept. 30, 2022, down from SAR 638.706 million in the year-earlier period.

Accumulated losses reached SAR 346.532 million by the end of the nine-month period, accounting for 36.48% of the company’s capital.

View More Financial Results