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Takween Advanced Industries Co. announces the interim financial results for the period ending on 30-06-2018 (Six Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) 2,892 -12,667 - -836 -
Gross profit (loss) 47,445 37,282 27.26 26,406 79.68
Operational profit (loss) 13,391 -1,841 - -584 -
All figures are in (Thousands) Saudi Arabia, Riyals
Element Current period Similar period for previous year % Change
Net profit (loss) 2,056 -21,572 -
Gross profit (loss) 73,851 79,284 -6.85
Operational profit (loss) 12,807 2,814 355.12
Earning or loss per share, Riyals 0.02 -0.23 -
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 recording a net profit in the current quarter compared to a 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 the decrease in cost of revenue to revenue; despite the increase in the prices of raw material.
Reasons of increase (decrease) for period compared with same period last year The reason for recording a net profit in the current period compared to a net loss in same period of last year is due to the increase in sales revenue, and the decrease in general and administrative expenses, selling and distribution expenses, financial charges, and the decrease in Zakat provision after receiving the final Zakat assessment, as well as the the increase in other income. Noting that the production costs have increased due to the increase in raw material prices.
Reasons of increase (decrease) for quarter compared with previous quarter The reason for recording a net profit in the current quarter compared to a net loss of the previous quarter is due to the increase in sales revenue, the decrease in cost of revenue to revenue, selling and distribution expenses, and Zakat provision; despite the increase in raw material prices, general and administrative expenses, and financial charges.
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 June, 2018 amounted to SAR 374.9 million compared to the same quarter last year of SAR 331.8 million an increase of 12.9%.

The sales for the period ended 30 June, 2018 amounted to SAR 682.2 million compared to the same period last year of SAR 634.2 million an increase of 7.5%.

The sales for the quarter ended 30 June, 2018 amounted to SAR 374.9 million compared to the previous quarter of SAR 307.3 million an increase of 21.9%.

The total comprehensive profit for the quarter ended 30 June, 2018 amounted to SAR 2.3 million while the total comprehensive loss was SAR 12,5 million for the same quarter last year.

The total comprehensive profit for the period ended 30 June, 2018 amounted to SAR 1.7 million while the total comprehensive loss for the same period last year of SAR 21,2 million.

The total comprehensive profit for the quarter ended 30 June, 2018 amounted to SAR 2.3 million while the total comprehensive loss for the previous quarter of SAR 616 thousand.

The overall total losses as at end of the quarter ended 30 June, 2018 amounted to SAR 175,2 million, representing 18.4% of the company's share capital.

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 30 June, 2018 amounted to SAR 721 million compared to SAR 739.7 million at 30 June, 2017, a decrease of 2.5%.

The profit per share for this quarter ended 30 June, 2018 was calculated by dividing the net profit of SAR 2.9 million on the weight average number of shares 95,000,000, and for the same quarter from the last year by dividing the net loss SAR 12.6 million on the weight average number of shares 95,000,000.

The External Auditors reviewed the Financial Statements and issued an unmodified report.

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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