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Takween Advanced Industries Co. announces its Annual Financial results for the period ending on 2024-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 671,735 | 818,163 | -17.9 | ||
| Gross Profit (Loss) | 71,336 | 897 | 7,852.73 | ||
| Operational Profit (Loss) | -25,270 | -154,708 | -83.67 | ||
| Net profit (Loss) | -75,835 | -223,333 | -66.04 | ||
| Total Comprehensive Income | -87,177 | -230,873 | -62.24 | ||
| Total Shareholders Equity (after Deducting Minority Equity) | 391,637 | 203,753 | 92.21 | ||
| Profit (Loss) per Share | -1.05 | -4.09 | |||
| 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 | -298,350 | 39.02 | |
| 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 decrease in revenues to SAR 671.7 million in FY 2024, compared to SAR 818.2 million in FY 2023, is primarily attributable to a decline in sales volume following the discontinuation of certain non-strategic activities and products, as well as adjustments to the pricing policy. |
| The reason of the increase (decrease) in the net profit during the current year compared to the last year is | The reduction in net loss for FY 2024 compared to FY 2023 is mainly due to an increase in gross profit, a decrease in general and administrative expenses, lower selling, marketing, and distribution expenses, reduced finance costs, and higher other income — despite an increase in the share of losses from an associate company and higher Zakat expenses. |
| 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) | - |
| Reclassification of Comparison Items | Certain comparative figures for the previous fiscal year have been reclassified to align with the presentation format of the current fiscal year. |
| Additional Information | (1) In accordance with Note 30 to the financial statements, the loss per share for the fiscal year ended December 31, 2024, was calculated by dividing the net loss of SAR 75.8 million by the weighted average number of shares outstanding, which amounted to 72.5 million shares, resulting in a loss per share of SAR (1.05). The loss per share for the comparative period in 2023 was recalculated by dividing the net loss of SAR 223.3 million by the weighted average number of shares of 54.6 million, resulting in a loss per share of SAR (4.09). (2) In conjunction with the announcement of the annual financial results, the Company’s accumulated losses reached 39.02%, impacted by an increase in provisions for doubtful debts amounting to SAR 15.5 million. In addition, finance costs totaling SAR 55.59 million had a effect on the rise in accumulated losses. In response, the Company has developed a comprehensive action plan aimed at regularly monitoring financial indicators and proactively taking necessary measures to ensure compliance with regulatory requirements and to strengthen long-term financial stability. It is worth noting that the Company is implementing the procedures and guidelines issued by the Capital Market Authority applicable to listed companies whose accumulated losses exceed 35% of their share 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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