Takween narrows net loss to SAR 8.8 mln in H1 2020

22/07/2020 Argaam Exclusive

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Takween Advanced Industries (Takween) narrowed net loss after Zakat and tax to SAR 8.8 million for the first half of 2020, compared to SAR 25.6 million a year-earlier.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	622.62	399.18	(35.9 %)
Gross Income	63.72	39.25	(38.4 %)
Operating Income	(3.26)	(7.04)	(115.8 %)
Net Income	(25.58)	(8.76)	65.8 %
Average Shares	57.86	57.86	-
EPS (Riyals)	(0.44)	(0.15)	65.8 %

The company attributed the performance to decline in cost of revenue, lower general and administration (G&A) expenses, as well as a decrease in financial charges. On the other hand, sales revenues, selling and distribution costs and other income reported a decline.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	319.15	198.54	(37.8 %)
Gross Income	30.74	20.36	(33.8 %)
Operating Income	(2.83)	(1.46)	48.4 %
Net Income	(13.03)	10.03	177.0 %
Average Shares	57.86	57.86	-
EPS (Riyals)	(0.23)	0.17	177.0 %

Item	Q1 2020	Q2 2020	Change‬
Revenues	200.64	198.54	(1.0 %)
Gross Income	18.88	20.36	7.8 %
Operating Income	(5.58)	(1.46)	73.8 %
Net Income	(18.79)	10.03	153.4 %
Average Shares	57.86	57.86	-
EPS (Riyals)	(0.32)	0.17	153.4 %

Takween turned to a net profit after Zakat and tax of SAR 10 million in the second quarter of 2020, compared to a net loss of SAR 13 million in the same period last year, thanks to lower cost of revenue and G&A expenses.

The company reported a net loss after Zakat and tax of SAR 18.8 million in the first quarter of 2020.

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