Takween Advanced Industries Co. swung to a net loss after Zakat and tax of 8.9 million for Q1 2022, versus a net profit of SAR 2.2 million in a year-earlier period.
| Item | Q1 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 186.31 | 249.65 | 34.0 % |
| Gross Income | 11.63 | 20.68 | 77.7 % |
| Operating Income | (12.66) | (3.72) | 70.6 % |
| Net Income | 2.16 | (8.98) | (516.1 %) |
| Average Shares | 57.86 | 57.86 | - |
| EPS (Riyals) | 0.04 | (0.16) | (516.1 %) |
| Item | Q4 2021 | Q1 2022 | Change |
|---|---|---|---|
| Revenues | 207.74 | 249.65 | 20.2 % |
| Gross Income | 4.04 | 20.68 | 411.5 % |
| Operating Income | (29.42) | (3.72) | 87.3 % |
| Net Income | (31.34) | (8.98) | 71.4 % |
| Average Shares | 57.86 | 57.86 | - |
| EPS (Riyals) | (0.54) | (0.16) | 71.4 % |
The company cited higher losses from investments in associates, despite lower cost of revenue and decreased selling and distribution expenses.
On a sequential basis, the company narrowed losses by 71.4% from SAR 31.34 million.
Total shareholders’ equity, excluding minority interest, inched up 0.86% year-on-year (YoY) to SAR 595.499 million in Q1 2022.
Takween’s accumulated losses reached SAR 309.66 million, or 32.6% of total capital by the end of the three-month period.
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