Financial Results : Takween trims losses to SAR 2.6 mln in 9M 2020

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 %

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