TAKWEEN

30 April, 2024 08:01

Takween Advanced Industries Co. announces its Interim Financial results for the Period Ending on 2024-03-31 ( Three Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 183,141232,616-21.268173,2255.724
Gross Profit (Loss) 27,09915,15478.824-27,676-
Operational Profit (Loss) 10,882-8,008--116,964-
Net profit (Loss) -3,997-25,757-84.481-137,202-97.086
Total Comprehensive Income -12,370-33,086-62.612-137,350-90.993
All figures are in (Thousands) Saudi Arabia, Riyals


Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (After Deducting the Minority Equity) 467,164203,753129.279
Profit (Loss) per Share -0.07-0.47
All figures are in (Thousands) Saudi Arabia, Riyals


Element ListPercentage of the capital (%)Amount
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value --
Accumulated Losses -29.53-225,792
All figures are in (Thousands) Saudi Arabia, Riyals


Element ListExplanation
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the same quarter of the last year is The reason for the decrease in revenues during the current quarter compared to the same quarter of the previous year is due to a decline in sales volume as a result of exiting some low-profit activities.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The reason for the decrease in net loss during the current quarter compared to the same quarter of the previous year is due to the decline in revenue costs, the decrease in administrative and general expenses, selling and marketing expenses, and the losses of sister companies, in addition to the increase in other revenues, despite the increase in financing costs.
The reason of the increase (decrease) in the sales/ revenues during the current quarter compared to the previous one is The reason for the increase in revenues during the current quarter compared to the previous quarter is due to the increase in sales volume as a result of the company's seasonal sales.
The reason of the increase (decrease) in the net profit (loss) during the current quarter compared to the previous one is The reason for the decrease in net loss during the current quarter compared to the previous quarter is due to the increase in revenues, the decline in revenue costs, the decrease in administrative and general expenses, selling and marketing expenses, the losses of sister companies, and financing costs, in addition to the increase in other revenues.
Statement of the type of external auditor's report Unmodified conclusion
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 figures have been reclassified to fit with the presentation of the current period financial statements.
Additional Information 1) According to Note No. 10 of the financial statements, the loss per share for the period ending on March 31, 2024 with an amount of SAR (0.07) was calculated by dividing the net loss for the financial period, estimated at SAR 3.98 million, by the weighted average number of shares, estimated at 60.6 million shares. losses per share for the similar period of the previous year with an amount of SAR (0.47) was also calculated by dividing the net loss for the period of SAR 25.8 million by the weighted average number of shares, which is estimated at 54.8 million shares .The weighted average number of shares has been calculated For the previous year using an adjustment factor of 1.18, which is the ratio of the theoretical right price of SAR 10 and the closing price of the share of SAR 16.12 on February 13, 2024, the last day of trading of the shares before the rights issue. 2) Coinciding with the announcement of the initial financial results, the percentage of Accumulated losses reached 29.53% of the company’s capital. The value of the accumulated losses on 03-31-2024 amounted to 225.8 million Saudi riyals, equivalent to 29.53% of the company’s capital of 764, 6 million Saudi riyals. Knowing that the company is implementing the procedures and instructions issued by the Capital Market Authority regarding companies whose shares are listed on the Saudi Stock Exchange and whose accumulated losses have reached more than 20% of their capital. As a measure to address these losses, the company, based on the recommendation of the Board of Directors during the month of March 2023, approved an increase in the company’s capital by an amount of 300 million Saudi riyals by offering priority rights. The extraordinary assembly was held on 2/13/2024, where the increase was approved and all matters were completed. Regular procedures for this. Through this increase, the company seeks to address the accumulated losses by benefiting from the proceeds of the offering to purchase new machines and equipment and pay off part of the existing loans, which will reflect on the company’s financial position. The company has already begun these procedures.

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