Takween Advanced Industries Co. reported a net profit after Zakat and tax of SAR 50.4 million for the first nine months of 2021, versus a net loss after Zakat and tax of SAR 2.6 million in the year-earlier period.
These earnings were driven by stronger revenue, lower general and administrative expenses (G&As) and decreased financial charges.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 582.51 | 630.82 | 8.3 % |
| Gross Income | 57.16 | 47.87 | (16.2 %) |
| Operating Income | (15.94) | (30.85) | (93.6 %) |
| Net Income | (2.62) | 50.37 | 2024.7 % |
| Average Shares | 57.86 | 57.86 | - |
| EPS (Riyals) | (0.05) | 0.87 | 2024.7 % |
Takween’s net profit after Zakat and tax for Q3 2021 increased by more than six-fold year-on-year (YoY) to SAR 40.3 million, on higher sales revenue, lower cost of revenue, and decreased G&As.
The company also cited lower financial charges, higher profit share from associates and the capital gain from offloading a 70% stake of SAAF Co.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 183.34 | 222.45 | 21.3 % |
| Gross Income | 17.91 | 24.14 | 34.8 % |
| Operating Income | (8.90) | (8.62) | 3.1 % |
| Net Income | 6.14 | 40.34 | 556.6 % |
| Average Shares | 57.86 | 57.86 | - |
| EPS (Riyals) | 0.11 | 0.70 | 556.6 % |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 222.05 | 222.45 | 0.2 % |
| Gross Income | 12.09 | 24.14 | 99.6 % |
| Operating Income | (9.57) | (8.62) | 9.9 % |
| Net Income | 7.87 | 40.34 | 412.4 % |
| Average Shares | 57.86 | 57.86 | - |
| EPS (Riyals) | 0.14 | 0.70 | 412.4 % |
On a sequential basis, net profit after Zakat and tax surged by nearly five times.
Takween’s accumulated losses made 28.35%, or SAR 269.33 million, of the SAR 950 million capital.
Total shareholders’ equity after deducting minority equity grew 8.1% YoY to SAR 638.7 million for Q3 2021.
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