Takween Advanced Industries (Takween) increased its net loss to SAR 55.9 million in the first half of 2023, compared to SAR 24 million a year earlier.
The loss increase was due to lower sales revenue, higher cost of revenue percentage, as well as a rise in general and administrative (G&A) expenses. The company also cited an uptick in financing charges and a drop in other income. This was despite the decrease in selling and distribution expenses, as well as a loss from investment in an associate.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 535.91 | 450.23 | (16.0 %) |
| Gross Income | 37.22 | 23.54 | (36.8 %) |
| Operating Income | (8.17) | (22.49) | (175.4 %) |
| Net Income | (23.96) | (55.82) | (133.0 %) |
| Average Shares | 57.86 | 57.86 | - |
| EPS (Riyals) | (0.41) | (0.96) | (133.0 %) |
Takween reported a net loss of SAR 30.1 million in Q2 2023, compared to SAR 14.99 million a year before.
The second-quarter loss was due to a decrease in sales revenue and an increase in the cost of revenue as a percentage of sale, along with higher G&A expenses.
On a sequential basis, the company widened its net loss from SAR 25.76 million.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 286.25 | 217.61 | (24.0 %) |
| Gross Income | 16.54 | 8.39 | (49.3 %) |
| Operating Income | (4.44) | (14.48) | (225.8 %) |
| Net Income | (14.99) | (30.07) | (100.6 %) |
| Average Shares | 57.86 | 57.86 | - |
| EPS (Riyals) | (0.26) | (0.52) | (100.6 %) |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 232.62 | 217.61 | (6.5 %) |
| Gross Income | 15.15 | 8.39 | (44.7 %) |
| Operating Income | (8.01) | (14.48) | (80.8 %) |
| Net Income | (25.76) | (30.07) | (16.7 %) |
| Average Shares | 57.86 | 57.86 | - |
| EPS (Riyals) | (0.45) | (0.52) | (16.7 %) |
Total shareholders’ equity, after minority interest, reached SAR 371.43 million by the end of H1 2023 from SAR 574.01 million a year ago.
Accumulated losses by the end of H1 2023 reached SAR 515.41 million, representing 54.25% of the company’s SAR 950 million capital.
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