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 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	222.05	222.45	0.2 %
Gross Income	12.09	24.14	99.6 %
Operating Income	(9.57)	(8.62)	9.9 %
Net Income	7.87	40.34	412.4 %
Average Shares	57.86	57.86	-
EPS (Riyals)	0.14	0.70	412.4 %

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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