Takween Advanced Industries announces the Expected Financial Impact of the Floatation of the Egyptian Pound Exchange Rate Against Foreign Currencies
Takween Advanced Industries announces the impact on its activities in Egypt for its affiliates company (New Marina), as a result of the official floatation of the Egyptian Pound Rate. The expected financial impact of that said floatation will negatively affect the fourth quarter 2016 consolidated net profit of the company by approximately SAR 45 Million, which was calculated based on the government floated rate range officially announced in this respect.
The company has implemented some preventive measures during the last period of this year which have the impact to minimize the negative effects resulted from the floatation of the Egyptian Pound exchange rate against foreign currencies.
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