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Takween Advanced Industries Co. announces its Interim Financial results for the Period Ending on 2024-09-30 ( Nine Months )
| Element List | Current Quarter | Similar quarter for previous year | %Change | Previous Quarter | % Change |
|---|---|---|---|---|---|
| Sales/Revenue | 183,899 | 194,710 | -5.552 | 161,827 | 13.639 |
| Gross Profit (Loss) | 16,133 | 5,034 | 220.48 | 21,163 | -23.767 |
| Operational Profit (Loss) | -3,314 | -14,573 | -77.259 | 6,429 | - |
| Net profit (Loss) | -17,661 | -30,309 | -41.73 | -4,169 | 323.626 |
| Total Comprehensive Income | -20,307 | -30,299 | -32.977 | -6,634 | 206.104 |
| All figures are in (Thousands) Saudi Arabia, Riyals | |||||
| Element List | Current Period | Similar period for previous year | %Change |
|---|---|---|---|
| Sales/Revenue | 528,867 | 644,938 | -17.997 |
| Gross Profit (Loss) | 64,395 | 28,573 | 125.37 |
| Operational Profit (Loss) | 13,997 | -37,061 | - |
| Net profit (Loss) | -25,827 | -86,131 | -70.014 |
| Total Comprehensive Income | -36,846 | -93,523 | -60.602 |
| Total Shareholders Equity (after Deducting Minority Equity) | 441,968 | 341,103 | 29.57 |
| Profit (Loss) per Share | -0.38 | -1.58 | |
| 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 | -248,342 | 32.48 | |
| 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 decrease in revenues to SR(183.9) million during Q3 2024 compared to SR(194.7) million during Q3 2023 is attributed to a decline in sales volume resulted from the discontinuation of non-strategic product lines, and change in the pricing cost policy with the customers. |
| 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 decrease in net loss during the Q3 2024 compared to Q3 2023 is due to a decrease in cost of revenues comparison to total revenues, a decrease in administrative expenses, a decrease in financing expenses, a decrease in Zakat expenses despite an increase in selling, marketing & distribution expenses, a decrease in other income, and an increase in losses related to share in result of equity- accounted investment. |
| The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is | The increase in revenues SR (183.9) million during Q3 2024 compared to Q2 2024 SR (161.8) Million is attributed to an increase in sales volume for some items & improve sales price. |
| The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is | The increase in net loss during Q3 2024 compared to the Q2 2024 is due to: an increase in cost of revenues comparison to total revenues, an increase in administrative expenses, an increase in sales, marketing, and distribution expenses, an increase in financing expenses, and an increase in losses from Share in result of equity-accounted investment despite a decrease in Zakat expenses. |
| 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 decrease in revenues during the 9 Months 2024 compared to 9 Months 2023 is due to discontinuation of non-strategic product lines, and change in the pricing cost policy with the customers. |
| 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 decrease in net loss during 9 Months 2024 compared to 9 Months 2023 is primarily due to a decrease in cost of revenues comparison to total revenues, a decrease in administrative expenses, a decrease in selling, marketing & distribution expenses, a decrease in financing expenses, and an increase in other income, despite, an increase in losses from share in result of equity- accounted investment, and an increase in Zakat expenses. |
| 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 figures have been reclassified to comply with the current period presentation of the financial statements |
| Additional Information | 1) According to Note 11 of the financial statements, the loss per share for the period ending September 30, 2024, was calculated by dividing the net loss of SAR 25.83 million by the weighed average number of shares, which is 68.58 million shares, resulting in a loss per share of SAR (0.38). Additionally, the loss per share for the comparable period of the previous year, 2023, was recalculated by dividing the net loss of SAR 86.13 million by the weighted average number of shares, which was 54.59 million shares, resulting in a loss per share of SAR (1.58). The weighted average number of shares for the previous year was calculated using an adjustment factor of 1.18, which is based on the theoretical ex-rights price of SAR 10 and the share closing price of SAR 16.12 on February 13, 2024, the last trading day before the issuance of the rights. 2) The accumulated losses as of 30-09-2024 have reached SAR (248.34 million), equal to 32.48% of the company’s capital of SAR 764.6 million. The accumulated losses as of 31/12/2023 have reached SAR (197.6 million), equal to 42.52% of the company’s capital of SAR 464.6 million. Noting that the company is applying the procedures and instructions issued by the capital market authority of the listed companies in the Saudi Stock Exchange, which has accumulated losses of 20% or more of its capital. The company is following the procedures and guidelines issued by the Capital Market Authority concerning listed companies on the Saudi Stock Exchange whose accumulated losses exceed 20% of their capital. As a measure to address these losses, Takween has been completed the procedures of capital increase during March 2024, of SAR 300 million through a rights issue. Based on approval of an extraordinary general meeting was held on 13/2/2024. Through this capital increase, the company aims to address the accumulated losses by using the proceeds from the offering to purchase new machinery and equipment and to repay part of the existing loans, which will positively impact the company's financial position. The company has already commenced these actions. |
| 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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