Takween turns to SAR 19 mln profit in 2021, Q4 loss widens to SAR 31.3 mln

23/02/2022 Argaam Exclusive

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Takween Advanced Industries Co. reported a net profit after Zakat and tax of SAR 19 million for 2021, versus net loss of SAR 6 million in year-earlier period.

Financials (M)

Item	2020	2021	Change‬
Revenues	754.18	838.56	11.2 %
Gross Income	57.41	51.92	(9.6 %)
Operating Income	(31.87)	(60.27)	(89.1 %)
Net Income	(6.01)	19.03	416.4 %
Average Shares	57.86	57.86	-
EPS (Riyals)	(0.10)	0.33	416.4 %

This was driven by higher profit share from associates, improved revenue, and subdued financial charges, despite higher cost of revenue.

Total shareholders equity excluding minority rights rose 3.2% year-on-year (YoY) to SAR 606.968 million for 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	171.66	207.74	21.0 %
Gross Income	0.25	4.04	1498.0 %
Operating Income	(15.85)	(29.42)	(85.7 %)
Net Income	(3.40)	(31.34)	(823.2 %)
Average Shares	57.86	57.86	-
EPS (Riyals)	(0.06)	(0.54)	(823.2 %)

Item	Q3 2021	Q4 2021	Change‬
Revenues	222.45	207.74	(6.6 %)
Gross Income	24.14	4.04	(83.3 %)
Operating Income	(8.62)	(29.42)	(241.3 %)
Net Income	40.34	(31.34)	(177.7 %)
Average Shares	57.86	57.86	-
EPS (Riyals)	0.70	(0.54)	(177.7 %)

Takween widened net loss to SAR 31.3 million for Q4 2021, from SAR 3.40 million in Q4 2020.

On a sequential basis, the company turned to losses in Q4 2021, versus SAR 40.34 million profit in Q3 2021.

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