Financial Results : Takween swings to SAR 50.4 mln net profit in 9M 2021

Takween swings to SAR 50.4 mln net profit in 9M 2021

21/10/2021 Argaam Exclusive

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Takween Advanced Industries Co. reported a net profit after Zakat and tax of SAR 50.4 million for the first nine months of 2021, versus a net loss after Zakat and tax of SAR 2.6 million in the year-earlier period.

 

These earnings were driven by stronger revenue, lower general and administrative expenses (G&As) and decreased financial charges.



Financials (M)

Item 9m 2020 9m 2021 Change‬
Revenues 582.51 630.82 8.3 %
Gross Income 57.16 47.87 (16.2 %)
Operating Income (15.94) (30.85) (93.6 %)
Net Income (2.62) 50.37 2024.7 %
Average Shares 57.86 57.86 -
EPS (Riyals) (0.05) 0.87 2024.7 %

Takween’s net profit after Zakat and tax for Q3 2021 increased by more than six-fold year-on-year (YoY) to SAR 40.3 million, on higher sales revenue, lower cost of revenue, and decreased G&As.

 

The company also cited lower financial charges, higher profit share from associates and the capital gain from offloading a 70% stake of SAAF Co.



Current Quarter Comparison (M)

Compared With The
Item Q3 2020 Q3 2021 Change‬
Revenues 183.34 222.45 21.3 %
Gross Income 17.91 24.14 34.8 %
Operating Income (8.90) (8.62) 3.1 %
Net Income 6.14 40.34 556.6 %
Average Shares 57.86 57.86 -
EPS (Riyals) 0.11 0.70 556.6 %

On a sequential basis, net profit after Zakat and tax surged by nearly five times.

 

Takween’s accumulated losses made 28.35%, or SAR 269.33 million, of the SAR 950 million capital.

 

Total shareholders’ equity after deducting minority equity grew 8.1% YoY to SAR 638.7 million for Q3 2021.

 

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