Takween Advanced Industries Co. announces its Annual financial results for the period ending on 2018-12-31
|Element List||Current Year||Previous Year||%Change|
|Total Profit (Loss)||128,377||62,335||105.946|
|Profit (Loss) Operational||4,812||-118,954||-|
|Net Profit (Loss) after Zakat and Tax||-39,730||-168,235||-76.384|
|Total Comprehensive Income||-35,810||-173,171||-79.321|
|Total Share Holders Equity (after deducting minority equity)||683,528||739,788||-7.604|
|Profit (Loss) per Share||-0.42||-1.77|
|All figures are in (Thousands) Saudi Arabia, Riyals|
|Reason for increase (decrease) in net profit for current year compared to last year||The reason for the decrease in net loss for the year 2018 compared with last year 2017 is due to the increase in the sales numbers and the decrease in general and administrative expenses, selling and distribution expenses, and the increase in other incomes, despite the increase in the financial charges.|
|Type of the external auditor's opinion||Unmodified opinion|
|Reclassifications in annual financial results||Certain figures have been reclassified to comply with the current period presentation of the financial statements.|
|Additional Information||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. |
The loss per share for the year 2018 was calculated by dividing the net loss of SAR 39 million on the weight average number of shares 95 million, and for the year 2017 by dividing the net loss SAR 168 million on the weight average number of shares 95 million.
The accumulated loses as of 31/12/2018 has reached SAR 261 million, equal to 22.8% of the company’s capital SAR 950 million. The date of reaching these loses was 31/12/2018. The reason for reaching the accumulated loses this number is due to the decrease in the sales numbers, and the increase in raw material prices. Noting that the company will apply the procedures and instructions issued by the capital market authority of 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.