Financial Results : Takween narrows loss to SAR 8.2M in H1 2024; Q2 at SAR 4.2M

Takween narrows loss to SAR 8.2M in H1 2024; Q2 at SAR 4.2M

04/08/2024 Argaam Exclusive

View other reports

Takween Advanced Industries Co. reduced its losses to SAR 8.2 million by the end of H1 2024, compared to SAR 55.8 million during the same period in 2023.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 450.23 344.97 (23.4 %)
Gross Income 23.54 48.26 105.0 %
Operating Income (22.49) 17.31 177.0 %
Net Income (55.82) (8.17) 85.4 %
Average Shares 54.59 68.58 25.6 %
EPS (Riyals) (1.02) (0.12) 88.4 %

This came as the first-half gross profits soared year-on-year (YoY) on the lower cost of revenue, general & administrative and selling & marketing expenses for the same period. The company also turned to registering operating profits in H1 2024, versus operating losses a year ago.

 

Additionally, financing costs and equity-accounted investment losses from associate companies decreased YoY amid higher other revenues for the first six months of the year.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 217.61 161.83 (25.6 %)
Gross Income 8.39 21.16 152.4 %
Operating Income (14.48) 6.43 144.4 %
Net Income (30.07) (4.17) 86.1 %
Average Shares 54.59 68.58 25.6 %
EPS (Riyals) (0.55) (0.06) 89.0 %

Takween turned to profitmaking in H1 2024 despite lower sales volumes due to exiting some low-margin business activities during the six-month period.

 

The company also trimmed its net loss in Q2 2024, reaching SAR 4.2 million versus SAR 30.07 million a year earlier.

 

However, on a quarterly basis, net losses grew from SAR 4 million in Q1 2023 as revenues slumped quarter-on-quarter (QoQ) in the second quarter of 2024 although sales volumes remained unchanged.

 

Shareholders' equity (no minority interest) advanced to SAR 459.8 million by the end of June 30, 2024, compared to SAR 371.43 million in the same period last year.
Accumulated losses amounted to SAR 230.7 million by the end of the current period, representing 30.2% of Takween’s capital.

View More Financial Results

 

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Contact Us (+966)-92000-7759

Comments {{getCommentCount()}}

Be the first to comment

{{Comments.indexOf(comment)+1}}
{{comment.FollowersCount}}
{{comment.CommenterComments}}

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

{{comment.DisplayName}} حساب موثّق

{{comment.ElapsedTime}}
loader Train
loader Train
Sorry: the validity period has ended to comment on this news
Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.