Takween Advanced Industries (Takween) narrowed net loss after Zakat and tax to SAR 8.8 million for the first half of 2020, compared to SAR 25.6 million a year-earlier.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 622.62 | 399.18 | (35.9 %) |
| Gross Income | 63.72 | 39.25 | (38.4 %) |
| Operating Income | (3.26) | (7.04) | (115.8 %) |
| Net Income | (25.58) | (8.76) | 65.8 % |
| Average Shares | 57.86 | 57.86 | - |
| EPS (Riyals) | (0.44) | (0.15) | 65.8 % |
The company attributed the performance to decline in cost of revenue, lower general and administration (G&A) expenses, as well as a decrease in financial charges. On the other hand, sales revenues, selling and distribution costs and other income reported a decline.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 319.15 | 198.54 | (37.8 %) |
| Gross Income | 30.74 | 20.36 | (33.8 %) |
| Operating Income | (2.83) | (1.46) | 48.4 % |
| Net Income | (13.03) | 10.03 | 177.0 % |
| Average Shares | 57.86 | 57.86 | - |
| EPS (Riyals) | (0.23) | 0.17 | 177.0 % |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 200.64 | 198.54 | (1.0 %) |
| Gross Income | 18.88 | 20.36 | 7.8 % |
| Operating Income | (5.58) | (1.46) | 73.8 % |
| Net Income | (18.79) | 10.03 | 153.4 % |
| Average Shares | 57.86 | 57.86 | - |
| EPS (Riyals) | (0.32) | 0.17 | 153.4 % |
Takween turned to a net profit after Zakat and tax of SAR 10 million in the second quarter of 2020, compared to a net loss of SAR 13 million in the same period last year, thanks to lower cost of revenue and G&A expenses.
The company reported a net loss after Zakat and tax of SAR 18.8 million in the first quarter of 2020.
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