Financial Results : Takween cuts losses to SAR 6 mln in 2020

Takween cuts losses to SAR 6 mln in 2020

22/03/2021 Argaam Exclusive

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Takween Advanced Industries Co. narrowed net losses after Zakat and tax of SAR 6 million in 2020 from SAR 96.7 million in 2019.

 

The company attributed the decline in net losses to a decrease in the cost of revenue, selling, general and administrative and marketing expenses, and financial charges. In addition, the firm recorded an increase in profit from discontinued operations.

 

The net losses narrowed year-on-year (YoY) despite a decrease in sales revenue and other income, the company said.



Financials (M)

Item 2019 2020 Change‬
Revenues 923.78 754.18 (18.4 %)
Gross Income 55.51 57.41 3.4 %
Operating Income (41.19) (31.87) 22.6 %
Net Income (96.72) (6.01) 93.8 %
Average Shares 57.86 57.86 -
EPS (Riyals) (1.67) (0.10) 93.8 %

The fourth-quarter net losses decreased to SAR 3.4 million, from SAR 42.37 million in Q4 2019.

 

Shareholders’ equity, excluding minority interest, edged down 0.8% YoY to SAR 588.233 million in 2020.

 

Accumulated losses stood at SAR 319.7 million, representing 33.65% of capital by the end of 2020.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 252.16 171.66 (31.9 %)
Gross Income (8.54) 0.25 103.0 %
Operating Income (34.37) (15.85) 53.9 %
Net Income (42.37) (3.40) 92.0 %
Average Shares 57.86 57.86 -
EPS (Riyals) (0.73) (0.06) 92.0 %

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