Takween’s 9M 2023 loss deepens to SAR 86.1 mln; Q3 at SAR 30.3 mln

29/10/2023 Argaam Exclusive

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Takween Advanced Industries (Takween) slid into a deeper net loss of SAR 86.1 million in the first nine months of 2023, compared to SAR 45.9 million a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	809.89	644.94	(20.4 %)
Gross Income	49.21	28.57	(41.9 %)
Operating Income	(18.73)	(37.06)	(97.9 %)
Net Income	(45.85)	(86.13)	(87.8 %)
Average Shares	57.86	57.86	-
EPS (Riyals)	(0.79)	(1.49)	(87.8 %)

The company reported a decline in the cost of goods sold, along with higher cost of sales to total sales.

Further, Takween recorded higher general and administrative (G&A) expenses, as well as finance costs (FCs).

By contrast, selling and marketing expenses decreased.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	273.99	194.71	(28.9 %)
Gross Income	11.99	5.03	(58.0 %)
Operating Income	(10.56)	(14.57)	(37.9 %)
Net Income	(21.89)	(30.31)	(38.5 %)
Average Shares	57.86	57.86	-
EPS (Riyals)	(0.38)	(0.52)	(38.5 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	217.61	194.71	(10.5 %)
Gross Income	8.39	5.03	(40.0 %)
Operating Income	(14.48)	(14.57)	(0.6 %)
Net Income	(30.07)	(30.31)	(0.8 %)
Average Shares	54.59	57.86	6.0 %
EPS (Riyals)	(0.55)	(0.52)	4.9 %

In Q3 2023, losses increased to SAR 30.3 million from SAR 21.89 million in the prior-year period. Takween cited lower cost of goods sold, along with higher ratio of the cost of sales to total sales. G&A as well as FCs also increased, despite a drop in selling and marketing expenses decreased.

On a quarterly basis, losses rose from SAR 30.07 million in Q2 2023.

Total shareholders’ equity, with no minority interest, reached SAR 341.10 million by the end of the nine-month period, from SAR 550.55 million a year earlier.

Accumulated losses as of Sept. 30, 2023 reached SAR 60.37 million.

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