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Takween Advanced Industries Co. announces its Interim Financial Results for the Period Ending on 30-06-2020 ( Six Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 292,720319,149-8.281274,0146.826
Gross Profit (Loss) 48,35830,74257.30225,47589.825
Operational Profit (Loss) 18,667-2,830--5,777-
Net Profit (Loss) after Zakat and Tax 10,032-13,032--18,793-
Total Comprehensive Income 9,031-11,628--17,992-
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Sales/Revenue 566,734622,619-8.975
Gross Profit (Loss) 73,83363,72215.867
Operational Profit (Loss) 12,890-3,262-
Net Profit (Loss) after Zakat and Tax -8,761-25,580-65.75
Total Comprehensive Income -8,961-23,045-61.115
Total Share Holders Equity (after Deducting Minority Equity) 583,953592,914-1.511
Profit (Loss) per Share -0.09-0.27
All figures are in (Thousands) Saudi Arabia, Riyals
Accumulated LossesCapitalPercentage %
322,455950,00033.94
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to The reason for the increase in the net profit in the current quarter compared to the net loss in same quarter of previous year is due to the decrease in cost of revenue , the decrease in general and administrative expenses and the decrease in financial charges despite the decrease in sales revenue, the increase in selling and distribution expenses and the decrease in other income.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The reason for the increase in the net profit in the current quarter compared to the net loss of the previous quarter is due to the increase in sales revenue, the decrease in cost of revenue, the decrease in the general and administrative expenses, the decrease in financial charges and increase in other income despite the decrease in selling and distribution expenses.
Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed to The reason for the decrease in the net loss in the current period compared to the net loss in same period of previous year is due to the decrease in cost of revenue , the decrease in general and administrative expenses and the decrease in financial charges despite the decrease in sales revenue, the increase in selling and distribution expenses and the decrease in other income.
Basis of the External Auditor's Opinion Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion We draw attention to Note 1 of the condensed consolidated financial statements which states that management performed annual impairment testing of Goodwill amounting to SR 323.58 million as of December 31, 2019. The assessment, which was reviewed by an independent party for the reasonableness of the methodology used by management, included assumptions related to the future sales volume, prices, operating assets, growth rates, terminal value and other related assets. The outcome of those assumptions is highly dependent on the success of the future operations of the Group and market conditions as estimated by management and achieving its plans in future. Management considers the assumptions to be realistic and achievable in view of its operational plan and is confident of its ability to meet these future plans. Management believes that the carrying value of cash generating units’ assets including goodwill does not exceed their recoverable amount. Accordingly, no impairment was recorded for goodwill as of December 31, 2019 and June 30, 2020.
Reclassification of Comparison Items Certain figures have been reclassified to comply with the current period presentation of the financial statements
Additional Information In March 2020, the Kingdom of Saudi Arabia announced a global pandemic due to the novel coronavirus (COVID-19). The impact of outbreak and long hours of curfew has caused a significant change in business activities and increase in economy uncertainty. The Group proactively took a range of operational preventive measures in response to the situation by modifying certain operations to comply with health and safety guidelines to protect employees, customers and suppliers, secure smooth supply chain process to avoid any business interruption benefiting from all supports announced by the Government for the private sectors.

Management believes that the Covid-19 pandemic had no major impact on the Group reported results for the period ended June 2020 due to the steps taken by the company and the diversification of its portfolio, the company will continue to assess this situation moving forward.

The accumulated loses as of 30/06/2020 has reached SAR (322,4 million) , equal to 33.9 % of the company’s capital of SAR 950 million. The accumulated loses as of 31/12/2019 has reached SAR (313,7 million), equal to 33.02% of the company’s capital. The reason for the accumulated loses is due to the decrease in sales and the increase in selling and distribution expenses and the decrease of other Income. Noting that the company is applying the procedures and instructions issued by the capital market authority for the listed companies in the Saudi Stock Exchange which has accumulated losses of 20% or more of its capital

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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