Financial Results : Takween widens H1 loss to SAR 55.9 mln, Q2 at SAR 30 mln

Takween widens H1 loss to SAR 55.9 mln, Q2 at SAR 30 mln

03/08/2023 Argaam Exclusive

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Takween Advanced Industries (Takween) increased its net loss to SAR 55.9 million in the first half of 2023, compared to SAR 24 million a year earlier.

 

The loss increase was due to lower sales revenue, higher cost of revenue percentage, as well as a rise in general and administrative (G&A) expenses. The company also cited an uptick in financing charges and a drop in other income. This was despite the decrease in selling and distribution expenses, as well as a loss from investment in an associate.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 535.91 450.23 (16.0 %)
Gross Income 37.22 23.54 (36.8 %)
Operating Income (8.17) (22.49) (175.4 %)
Net Income (23.96) (55.82) (133.0 %)
Average Shares 57.86 54.59 (5.7 %)
EPS (Riyals) (0.41) (1.02) (146.9 %)

Takween reported a net loss of SAR 30.1 million in Q2 2023, compared to SAR 14.99 million a year before. 

  

The second-quarter loss was due to a decrease in sales revenue and an increase in the cost of revenue as a percentage of sale, along with higher G&A expenses. 

  

On a sequential basis, the company widened its net loss from SAR 25.76 million. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2022 Q2 2023 Change‬
Revenues 286.25 217.61 (24.0 %)
Gross Income 16.54 8.39 (49.3 %)
Operating Income (4.44) (14.48) (225.8 %)
Net Income (14.99) (30.07) (100.6 %)
Average Shares 57.86 54.59 (5.7 %)
EPS (Riyals) (0.26) (0.55) (112.7 %)

Total shareholders’ equity, after minority interest, reached SAR 371.43 million by the end of H1 2023 from SAR 574.01 million a year ago. 

  

Accumulated losses by the end of H1 2023 reached SAR 515.41 million, representing 54.25% of the company’s SAR 950 million capital. 

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