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Takween Advanced Industries Co. announces the interim financial results for the period ending on 30-09-2017 (Nine Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) -49,092 4,346 - -12,667 -287.56
Gross profit (loss) 10,900 47,890 -77.24 34,380 -68.3
Operational profit (loss) -39,025 30,069 - -1,685 -2,216.02
All figures are in (Thousands) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) -70,664 18,729 -
Gross profit (loss) 81,914 183,542 -55.37
Operational profit (loss) -35,824 82,507 -
Earning or loss per share, Riyals -0.74 0.49 -
All figures are in (Thousands) 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 to net profit in same quarter of previous year is due to the decrease in sales revenue, the increase in the percentage of cost of sales, the increase in general and administrative expenses, and the increase in selling and distribution expenses; despite the increase in other income and the decrease in financial charges.Also, the company has created some additional provisions for inventory amounting to SAR 1.3 million and doubtful debt amounting to SAR 2.4 million.
Reasons of increase (decrease) for period compared with same period last year The reason for the net loss in the current period compared to net profit in the same period of previous year is due to the decrease in sales revenue, the increase in the percentage of cost of sales, and the increase in selling and distribution expenses; despite the increase in other income and the decrease in financial charges. Also, the company has created some additional provisions for inventory amounting to SAR 5.6 million.
Reasons of increase (decrease) for quarter compared with previous quarter The reason for the increase in net loss for the current quarter compared with last quarter of the current year is due to the increase in the percentage of cost of sales, and the increase in selling and distribution expenses. Also, the company has created some additional provisions for inventory amounting to SAR 4.6 million and doubtful debt amounting to SAR 2 million.
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 September, 2017 amounted to SAR 336.8 million compared to the same quarter last year of SAR 378.8 million a decrease of 11.1%.

The sales for the period ended 30 September, 2017 amounted to SAR 984.1 million compared to the same period last year of SAR 1135.5 million a decrease of 13.3%.

The total comprehensive loss for the quarter ended 30 September, 2017 amounted to SAR 48.2 million while the total comprehensive profit was SAR 8.2 million for the same quarter last year.

The total comprehensive loss for the period ended 30 September, 2017 amounted to SAR 69.4 million while the total comprehensive profit for the same period last year of SAR 16.1 million.

The total comprehensive loss for the quarter ended 30 September, 2017 amounted to SAR 48.2 million while the total comprehensive loss to the previous quarter of SAR 12.5 million, an increase of 285.6%.

The overall total losses as at end of the quarter ended 30 September, 2017 amounted to SAR 88.6 million, representing 9.3% of the company's share capital.

The total shareholders' equity at 30 September, 2017 amounted to SAR 843.5 million compared to SAR 448.5 million at 30 September, 2016, an increase of 88.04%, 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 on 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 on 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 49092000 on the weight average number of shares 95,000,000, and for the same quarter from the last year by dividing the net profit 4346000 on the weight average number of shares 38,150,000.

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

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