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Takween Advanced Industries Co. announces the interim financial results for the period ending on 30-06-2017 (Six Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) -12,667 12,503 - -8,905 -42.25
Gross profit (loss) 34,380 78,132 -56 36,634 -6.15
Operational profit (loss) -1,685 31,459 - 4,886 -
All figures are in (Millions) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) -21,572 14,383 -
Gross profit (loss) 71,014 135,652 -47.65
Operational profit (loss) 3,201 52,438 -93.9
Earning or loss per share, Riyals -0.23 0.38 -
All figures are in (Millions) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year The reason for the net loss in the current quarter compared with the net profit in same quarter of previous year is due to the decrease in sales revenue; although there was an increase in other income, and decrease in general and administrative expenses, selling and distribution expenses, and research expenses.
Reasons of increase (decrease) for period compared with same period last year The reason for the net loss in the current period compared with the net profit of the previous period same year is due to the decrease in sales revenue, although the decrease in selling and distribution expenses, general and administrative expenses, research expenses.
Reasons of increase (decrease) for quarter compared with previous quarter The reason for the increase in net loss for the current quarter compared with the net loss of the previous quarter same year is due to the increase in sales costs and the increase in selling and distribution expenses, although the decrease in general and administrative expenses, and research expenses.
Reclassifications in quarterly financial results Certain figures have been reclassified to comply with the current period presentation of the financial statements.
Other notes The sales for the quarter ended 30 June, 2017 amounted to SAR 342.5 million compared to the same quarter last year of SAR 403.9 million a decrease of 15.2%. The sales for the period ended 30 June, 2017 amounted to SAR 647.3 million compared to the same period last year of SAR 756.6 million a decrease of 16.8%.

The total shareholders' equity at 30 June, 2017 amounted to SAR 891.7 million compared to SAR 440.2 million at 30 June, 2016, an increase of 102.69%, due to the increase in capital share from SAR 350 million to SAR 950 million that was approved by the Extra Ordinary General Assembly Meeting conducted in 21/9/2016.

The calculation of the loss per share was calculated based on the increase in capital share that was approved by the Extra Ordinary General Assembly Meeting conducted in 21/9/2016 from 35 million shares to 95 million shares. The loss per share for this quarter was calculated by dividing the net loss 12667000 on the weight average number of shares 95000000, and for the same quarter from the last year by dividing the net profit 12503000 on the weight average number of shares 38150000.

The total comprehensive loss for the quarter ended 30 June, 2017 amounted to SAR 12.5 million while the total comprehensive profit was SAR 4.9 million for the same quarter last year. The total comprehensive loss for the quarter ended 30 June, 2017 amounted to SAR 12.424 million while the total comprehensive loss to the previous quarter of SAR 8.730 million, an increase of 43.6%. The total comprehensive loss for the period ended 30 June, 2017 amounted to SAR 21.254 million while the total comprehensive profit to the same period last year of SAR 7.819 million.

The overall total losses as at end of the quarter ended 30 June, 2017 amounted to SAR 21.5 million, 2.2% of the companys share capital.

The implementation process of the IFRS approved by SOCPA was into force since 1/1/2017.

The results of the interim period are not audited and therefore it may not give accurate indication.

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