Riyadh – Mubasher: Takween Advanced Industries Company announced net losses after Zakat and tax totaling SAR 86.13 million in the first nine months (9M) of 2023, which came 87.85% higher than SAR 45.85 million in 9M-22.
The entity saw a year-on-year (YoY) decrease of 20.37% in revenue to SAR 644.93 million in the January-September 2023 period from SAR 809.89 million, according to the initial income statements.
The loss per share was SAR 0.65 in 9M-23, which represented a decline from SAR 0.99 in 9M-22.
Financial Results for Q3-23
In the third quarter (Q3) of 2023, Takween reported net losses after Zakat and tax amounting to SAR 30.30 million, a 38.46% increase when compared to SAR 21.89 million in Q3-22.
Additionally, the Q3-23 revenues declined by 28.93% YoY to SAR 194.71 million from SAR 273.98 million.
On a quarterly basis, the Q3-23 net losses slightly increased by 0.81% from SAR 30.06 million in Q2-23, while the revenues decreased by 10.52% from SAR 217.61 million.
Accumulated Losses
As of 30 September 2023, the Saudi firm incurred accumulated losses amounting to SAR 60.37 million, representing 12% of its SAR 464.64 million capital. The reported amount marked a plummet from the SAR 485.35 million reported at the end of March this year.
It is worth noting that in the first quarter (Q1) of 2023, the manufacturer and seller of plastic packaging products registered net losses worth SAR 25.75 million, while its revenues hit SAR 232.61 million.
In January 2023, the board of Takween gave the green light for the appointment of Majed Mazen Nofal as the company’s CEO.
