Takween trims losses to SAR 2.6 mln in 9M 2020

28/10/2020 Argaam Exclusive

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Takween Advanced Industries Co. narrowed net loss after Zakat and tax to SAR 2.6 million for the first nine months of 2020, from SAR 54.4 million in the year-earlier period, driven by lower general and administrative (G&A) expenses and financing fees.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	937.29	582.51	(37.9 %)
Gross Income	80.47	57.16	(29.0 %)
Operating Income	(18.46)	(15.94)	13.7 %
Net Income	(54.35)	(2.62)	95.2 %
Average Shares	57.86	57.86	-
EPS (Riyals)	(0.94)	(0.05)	95.2 %

The Q3 2020 net profit after Zakat and tax stood at SAR 6.1 million, versus a net loss of SAR 28.77 million in the same period last year, backed by lower cost of sales, decreased selling and marketing expenses and a decline in financing fees.

On a sequential basis, Q3 2020 net profit dropped 38.7%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	314.67	183.34	(41.7 %)
Gross Income	16.75	17.91	6.9 %
Operating Income	(15.20)	(8.90)	41.4 %
Net Income	(28.77)	6.14	121.4 %
Average Shares	57.86	57.86	-
EPS (Riyals)	(0.50)	0.11	121.4 %

Item	Q2 2020	Q3 2020	Change‬
Revenues	198.54	183.34	(7.7 %)
Gross Income	20.36	17.91	(12.0 %)
Operating Income	(1.46)	(8.90)	(509.1 %)
Net Income	10.03	6.14	(38.8 %)
Average Shares	57.86	57.86	-
EPS (Riyals)	0.17	0.11	(38.8 %)

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