Financial Results : Takween widens losses to SAR 25.8 mln in Q1 2023

Takween widens losses to SAR 25.8 mln in Q1 2023

11/05/2023 Argaam Exclusive

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Takween Advanced Industries Co. reported a net loss of SAR 25.8 million for Q1 2023, up from SAR 9 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 249.65 232.62 (6.8 %)
Gross Income 20.68 15.15 (26.7 %)
Operating Income (3.72) (8.01) (115.2 %)
Net Income (8.98) (25.76) (187.0 %)
Average Shares 57.86 54.59 (5.7 %)
EPS (Riyals) (0.16) (0.47) (204.1 %)

The increase in losses was attributed to lower sales revenue and other income, besides a higher cost of revenue ratio and finance charges. This was in addition to realizing a loss from investment in an associate, despite a decrease in general and administrative as well as selling and distribution expenses.

 

Sequentially, the company narrowed its losses from SAR 113.07 million in Q4 2022.

 

Total shareholders’ equity, no minority interest, fell to SAR 401.540 million as of March 31, 2023, from SAR 595.499 million a year earlier.

 

Accumulated losses stood at SAR 485.354 million as of March 31, 2023, representing 51% of Takween’s capital.

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