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Takween Advanced Industries Co. announces its Interim Financial results for the Period Ending on 2024-06-30 ( Six Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 161,827 | 217,612 | -25.635 | 183,141 | -11.638 |
| Gross Profit (Loss) | 21,163 | 8,385 | 152.391 | 27,099 | -21.904 |
| Operational Profit (Loss) | 6,429 | -14,480 | - | 10,882 | -40.92 |
| Net profit (Loss) | -4,169 | -30,065 | -86.133 | -3,965 | 5.145 |
| Total Comprehensive Income | -6,634 | -30,104 | -77.963 | -12,370 | -46.37 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 344,968 | 450,228 | -23.379 |
| Gross Profit (Loss) | 48,262 | 23,539 | 105.029 |
| Operational Profit (Loss) | 17,311 | -22,488 | - |
| Net profit (Loss) | -8,166 | -55,822 | -85.371 |
| Total Comprehensive Income | -19,004 | -63,190 | -69.925 |
| Total Shareholders Equity (after Deducting Minority Equity) | 459,810 | 203,753 | 125.67 |
| Profit (Loss) per Share | -0.119 | -1.023 | |
| 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 | -230,681 | 30.18 | |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is | The reason for the decrease in revenue in the second quarter of 2024 compared to the second quarter of 2023 is due to a decline in sales volume resulting from exiting some low-profit activities. |
| The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is | The reason for the decrease in net loss during the second quarter of 2024 compared to the second quarter of 2023 is due to: 1. An increase in gross profit resulting from a decline in revenue costs, 2. A decrease in administrative and general expenses and selling and marketing expenses, 3. A reduction in financing costs. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The decrease in revenue during the second quarter of 2024 compared to the first quarter 2024, despite maintaining the same sales volume, is attributed to a manufacturing agreement the Company entered with one of its major customers. In this agreement, the customer supplies the raw materials, and the Company is compensated only for the conversion process, manufacturing costs, and margin. As a result, the reported revenue excludes the value of raw materials, which was previously included in the revenue. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The reason for the decrease in net loss during the second quarter of 2024 compared to the first quarter of 2024 is primarily due to the decline in revenue. |
| The reason of the increase (decrease) in the sales/ revenues during the current period compared to the same period of the last year is | The reasons for the decrease in revenue during the first half of 2024 compared to the first half of 2023 are: 1. A decline in sales volume due to the exit from some low-profit activities. 2. The signing of a manufacturing agreement with one of the key customers, under which the customer provides the raw materials, and the company receives revenue for the conversion process, manufacturing costs, and margin. Consequently, the revenue for the first half of 2024 does not include some of the revenue from the value of the raw materials. |
| The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is | The primary reasons for the decrease in net loss during the first half of 2024 compared to the first half of 2023 are: 1. An increase in gross profit due to a reduction in the cost of revenues, 2. A decrease in administrative and general expenses and selling and marketing expenses, 3. The transformation of operating losses into operating profits, 4. A reduction in financing costs, 5. An increase in other income, 6. A decline in losses from equity-accounted investments in associate companies. |
| Statement of the type of external auditor's report | Unmodified conclusion |
| 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) | - |
| Reclassification of Comparison Items | Certain comparative figures for the year ended December 31, 2023 have been reclassified to conform with the presentation in the current period. |
| Additional Information | 1. According to Note 10 of the financial statements, the loss per share for the period ending June 30, 2024, was calculated by dividing the net loss for the period, amounting to SAR 8.166 million, by the weighted average number of shares, estimated at 68.575 million shares, resulting in a loss per share of SAR (0.119). Additionally, the loss per share for the corresponding period of the previous year, 2023, was recalculated by dividing the net loss for the period, amounting to SAR 55.822 million, by the weighted average number of shares, estimated at 54.593 million shares, resulting in a loss per share of SAR (1.022). The weighted average number of shares for the previous year was calculated using an adjustment factor of 1.18, which is the ratio of the theoretical ex-rights price of SAR 10 and the closing share price of SAR 16.12 on February 13, 2024, the last trading day before the rights issue. 2. Concurrent with the announcement of the preliminary financial results, the accumulated losses reached 30.18% of the company's capital, with accumulated losses amounting to SAR 230.68 million as of June 30, 2024, equivalent to 30.18% of the company's capital of SAR 764.6 million. It is worth noting that the company is complying with the procedures and instructions issued by the Capital Market Authority for listed companies in the Saudi financial market, whose accumulated losses exceed 20% of their capital. As a measure to address these losses, the company, based on a recommendation from the Board of Directors, approved a capital increase of SAR 300 million through a rights issue in March 2023. The extraordinary general assembly held on February 13, 2024, approved the increase and completed all necessary regulatory procedures. The company aims to address the accumulated losses through this capital increase by utilizing the proceeds from the offering to purchase new machinery and equipment and to repay part of the existing loans, thereby improving the company's financial position. The company has already begun implementing these measures. |
| Attached Documents |  |
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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