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Takween Advanced Industries Co. announces the interim financial results for the period ending on 31-03-2018 (Three Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) -836 -8,905 90.61 -97,571 99.14
Gross profit (loss) 26,406 42,002 -37.13 -23,408 -
Operational profit (loss) -584 4,655 - -82,203 99.29
Earning or loss per share, Riyals -0.01 -0.15 - - -
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 reduction in the net loss in the current quarter compared to the net loss in same quarter of previous year is due to the increase in sales revenue, and the decrease in general and administrative expenses, selling and distribution expenses, and financial charges; despite the increase in the percentage of cost of sales. Noting that the company has decreased the provision of Zakat after receiving the final Zakat assessment from the General Authority of Zakat and Tax.
Reasons of increase (decrease) for quarter compared with previous quarter The reason for reduction in the net loss in the current quarter compared to the net loss of the previous quarter is due to the increase in sales revenue, and the decrease in the percentage of cost of sales, general and administrative expenses, selling and distribution expenses, and financial charges. Noting that the company has decreased the provision of Zakat after receiving the final Zakat assessment from the General Authority of Zakat and Tax.
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 31 March, 2018 amounted to SAR 307.3 million compared to the same quarter last year of SAR 302.4 million an increase of 1.6%.

The sales for the period ended 31 March, 2018 amounted to SAR 307.3 million compared to the previous quarter of SAR 264.3 million an increase of 16.3%.

The total comprehensive loss for the quarter ended 31 March, 2018 amounted to SAR 616 thousand while the total comprehensive loss was SAR 8,7 million for the same quarter last year an improvement of 93%.

The total comprehensive loss for the period ended 31 March, 2018 amounted to SAR 616 thousand while the total comprehensive loss for the previous quarter of SAR 103,7 million an improvement of 99.4%.

The overall total losses as at end of the quarter ended 31 March, 2018 amounted to SAR 178,1 million, representing 18.7% of the company's share capital, in which all the capital reserve was used to cover part of the total comprehensive loss, based on the decision of the general assembly meeting dated 17/4/2018.

The impact of adopting IFRS 9 as at January 1, 2018 resulted in the decrease of shareholders equity by SAR 20.5 million; while there was no major impact for adopting IFRS 15 as at January 1,2018.

as a result the total shareholders' equity at 31 March, 2018 amounted to SAR 718,7 million compared to SAR 739.7 million at 31 March, 2017, a decrease of 2.8%.

The loss per share for this quarter ended 31 March, 2018 was calculated by dividing the net loss of 836000 on the weight average number of shares 95,000,000, and for the same quarter from the last year by dividing the net loss 8905000 on the weight average number of shares 58,141,209. The calculation of the average number of shares 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 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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