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Takween Advanced Industries Co. announces the interim financial results for the period ending on 31-03-2017 (Three Months)

Element Current quarter Similar quarter for previous year % Change current Previous quarter % Change previous
Net profit (loss) -8,905,000 1,880,000 - -58,172,000 84.69
Gross profit (loss) 36,634,000 57,520,000 -36.31 45,744,000 -19.92
Operational profit (loss) 4,886,000 20,979,000 -76.71 -7,079,000 -
Earning or loss per share, Riyals -0.15 0.05 - - -
All figures are in Saudi Arabia, Riyals
Element EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year The reason for the net loss in the current quarter compared with the net profit in same quarter of previous year is due to the decrease in sales revenue; although there was an increase in other income, and decrease in general and administrative expenses, selling and distribution expenses, and research expenses.
Reasons of increase (decrease) for quarter compared with previous quarter The reason for the decrease in net loss for the current period compared with the net loss of the previous period is due to the increase in sales revenue, and the decrease in general and administrative expenses, selling and distribution expenses, and research expenses.
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, 2017 amounted to SAR 304.7 million compared to the same quarter last year of SAR 352.6 million a decrease of 13.5%.
The total shareholders' equity at 31 March, 2017 amounted to SAR 904.2 million compared to SAR 912.9 million at 31 March, 2016, a decrease of 0.95% due to the increase in capital share from SAR 350 million to SAR 950 million that was approved by the Extra Ordinary General Assembly Meeting conducted in 21/9/2016. The calculation of the loss per share for this period was calculated based on dividing the net loss 8905000 on the number of shares 58141209, and for the same period from the last year by dividing the net profit 1880000 on the number of shares 38150000.
The total comprehensive loss for the quarter ended 31 March, 2017 amounted to SAR 8.7 million while the total comprehensive profit to the same quarter last year of SAR 2.8 million.
The overall total losses as the end of the quarter ended 31 March, 2017 amounted to SAR 26.8 million 2.8% of the companys share capital.
The implementation process of the IFRS approved by SOCPA was into force since 1/1/2017.
The results of the interim period are not audited and therefore it may not give accurate indication.

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