Financial Results : Takween widens 2023 loss to SAR 223.3; Q4 at SAR 137.2M

Takween widens 2023 loss to SAR 223.3; Q4 at SAR 137.2M

28/03/2024 Argaam Exclusive

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Takween Advanced Industries Co.’s net loss amounted to SAR 223.3 million for 2023, rising from SAR 158.9 million a year earlier.



Financials (M)

Item 2022 2023 Change‬
Revenues 1,045.40 818.16 (21.7 %)
Gross Income 32.55 0.90 (97.2 %)
Operating Income (117.06) (154.71) (32.2 %)
Net Income (158.92) (223.33) (40.5 %)
Average Shares 57.86 57.86 -
EPS (Riyals) (2.75) (3.86) (40.5 %)

The company attributed the loss increase to the write-off of machinery, equipment, and molds worth SAR 42 million on the impairment of their value in accordance with IFRS 36.

 

Takween also cited the increased cost of sales due to the rise in raw materials prices, administrative and general expenses, in addition to higher financing costs due to soaring interest rates.

 

This was despite lower selling and marketing expenses and decreased net losses from associates.

 

The company widened its Q4 2023 net loss to SAR 137.2 million, from SAR 113 million in the same period a year earlier.

 

Takween posted a loss of SAR 30.31 million in Q3 2023.



Current Quarter Comparison (M)

Compared With The
Item Q4 2022 Q4 2023 Change‬
Revenues 235.51 173.23 (26.4 %)
Gross Income (16.66) (27.68) (66.1 %)
Operating Income (98.33) (117.65) (19.6 %)
Net Income (113.07) (137.20) (21.3 %)
Average Shares 57.86 57.86 -
EPS (Riyals) (1.95) (2.37) (21.3 %)

Total shareholders’ equity, no minority interest, fell to SAR 203.75 million as of Dec. 31, 2023, from SAR 434.62 million a year earlier.

 

Accumulated losses stood at SAR 197.57 million as of Dec. 31, 2023, representing 42% of capital.

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