Financial Results : Takween narrows loss to SAR 4M in Q1 2024

Takween narrows loss to SAR 4M in Q1 2024

30/04/2024 Argaam Exclusive

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Takween Advanced Industries Co. trimmed Q1 2024 net loss to SAR 4 million, compared to SAR 25.8 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 232.62 183.14 (21.3 %)
Gross Income 15.15 27.10 78.8 %
Operating Income (8.01) 10.88 235.9 %
Net Income (25.76) (4.00) 84.5 %
Average Shares 54.59 68.58 25.6 %
EPS (Riyals) (0.47) (0.06) 87.6 %

This was driven by the decline in revenue costs, along with lower administrative, general, selling and marketing expenses. In addition, losses of associate companies edged down and other revenues rose.

 

Meanwhile, Takween noted an increase in financing costs.

 

On a sequential basis, net loss shrank from SAR 137.2 million in Q4 2023.

 

Total shareholders’ equity, no minority interest, stood at SAR 467.16 million by March 31, 2024, compared to SAR 401.54 million in the year-earlier period.

 

Accumulated losses reached SAR 225.79 million by March 31, 2024, accounting for 29.53% of the company’s capital.

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