Takween turns to loss of SAR 24 mln in H1 2022, Q2 loss at SAR 15 mln

Takween Advanced Industries (Takween) turned to a net loss after Zakat and tax at SAR 24 million in the first half of 2022, against a net profit of SAR 10 million a year earlier.

The loss is attributed to lower net income from discontinued operations as well as increased selling and distribution expenses, financing cost (FC) and loss from investment in associates. This was despite a 31.23% increase in sales revenue due to high selling price and gross profit margins, as well as a decline in the cost of revenue.

Takween reported a net loss after Zakat and tax of SAR 14.99 million in Q2 2022, against a net profit of SAR 7.87 million a year before.

The second-quarter loss is due to lower net income from discontinued operations, an increase in selling and distribution expenses, high FC and rising losses from investment in associates.

On a sequential basis, the company narrowed its net loss from SAR 8.98 million.

Total shareholders’ equity, after minority interest, reached SAR 574.014 million by the end of H1 2022, down 4.08% from SAR 598.407 million a year before.

Accumulated losses by the end of H1 2022 reached SAR 324.64 million, representing 34.17% of the company’s SAR 950 million capital.

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