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Takween Advanced Industries Co. announces the annual financial results for the period ending on 31-12-2017

Element Current year Previous year % Change
Net profit (loss) -168,235 -62,093 -170.94
Earning or loss per share, Riyals -1.77 -1.27 -
Gross profit (loss) 58,506 201,576 -70.98
Operational profit (loss) -118,027 35,602 -
All figures are in (Thousands) Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of annual financial results The reason for the increase in net loss for the year 2017 compared with last year 2016 is due to the decrease in the sales numbers and the increase in cost of sales due to the increase in raw material prices, in addition to the increase in selling and distribution expenses due to the creation of additional provisions, despite the decrease in the financial charges and the general and administrative expenses.
Reclassifications in annual financial results Certain figures have been reclassified to comply with the current period presentation of the financial statements. Also, Certain figures have been modified to meet IFRS standards.
Other notes The sales for the year 2017 amounted to SAR 1248.4 million compared to SAR 1415.5 million of the year 2016, a decrease of 11.8%. The total comprehensive loss for the year 2017 amounted to SAR 173.1 million while the total comprehensive loss was SAR 104.1 million for the same quarter last year, an increase of 66.3%. The accumulated losses for the year 2017 amounted to SAR 186.2 million, representing 19.6% of the company's share capital. The total shareholders' equity for the year 2017 amounted to SAR 739.7 million compared to SAR 912.9 million for the year 2016, a decrease of 18.9%. 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 the year 2017 was calculated by dividing the net loss 168235000 on the weight average number of shares 95,000,000. The implementation process of the IFRS approved by SOCPA was into force since 1/1/2017.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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