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Takween Advanced Industries Co. announces its Annual Financial results for the period ending on 2023-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 818,163 | 1,045,399 | -21.74 | ||
| Gross Profit (Loss) | 897 | 32,550 | -97.24 | ||
| Operational Profit (Loss) | -154,708 | -117,063 | 32.16 | ||
| Net profit (Loss) | -222,374 | -158,849 | 39.99 | ||
| Total Comprehensive Income | -230,873 | -172,342 | 33.96 | ||
| Total Share Holders Equity (After Deducting the Minority Equity) | 203,753 | 434,626 | -53.12 | ||
| Profit (Loss) per Share | -4.81 | -3.42 | |||
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| Accumulated Losses | 197,576 | 42 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year | The reason for the decrease in sales/revenues during the year 2023 compared to the year 2022 is due to the decrease in sales volume and the decrease in the average selling price per ton. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reason for the increase in the net loss during the year 2023 compared to the net loss during the previous year, 2022, is due to the write-off of machinery, equipment, and molds worth SAR (42) million due to the impairment of their value in accordance with International Standard 36, and the increase in the cost of sales due to the increase in the prices of raw materials, the increase in administrative and general expenses, and the increase in expenses. Financing due to higher interest rates, despite lower selling and marketing expenses and lower net losses from associates. |
| Statement of the type of external auditor's report | Unmodified opinion |
| Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) | N/A |
| Reclassification of Comparison Items | Certain figures have been reclassified to comply with the current period presentation of the financial statements. |
| Additional Information | 1) Based on the strategic plan and future operation, the company analyzes, and studies fixed assets represented by machinery, equipment, and spare parts. Accordingly, it was found that there were some machines, equipment and spare parts affected by a decrease in productivity according to the operational plan, and the value of their recoverable assets is less than the book value according to the examination required for Accounting Standard No. 36 to write off assets, as their value amounts to SAR (55), represented by machines and equipment, and spare parts, which will reflect positively on reduced depreciation and costs. The company also analyzed and studied the moving and nonmoving inventory items, which revealed the obsolescence of part of the fixed inventory of raw materials and goods and the difficulty of utilizing them in production and manufacturing operations. The value of these nonmoving items amounts to SAR (12.5). 2) The loss per share for the year 2023 was calculated by dividing the net loss (230.8) million Saudi riyals by the number of shares (46) million shares, so that the loss per share results in SAR (4.8). The net loss per share for the year 2022 is through dividing the net loss SAR (172,3) million by the number of shares (95) million shares, so that the loss per share results in SAR (1.81). 3) Coinciding with the announcement of the annual financial results for the year 2023, the percentage of accumulated losses reached 42% of the company’s capital. The value of the accumulated losses as of 12/31/2023 amounted to SAR (197.5) million, equivalent to (42%) of The company's capital amounted to SAR (464.6) million, while the value of the accumulated losses as of 12/31/2022 was SAR (459.6) million, equivalent to (31.65%) of the company's capital. 4) The company applies the procedures and instructions issued by the Capital Market Authority regarding companies whose shares are listed on the Saudi Stock Exchange and whose accumulated losses amount to more than (35%) of its capital. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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