Takween’s profits jump 557% to 40.3 million riyals in the third quarter

Takween Advanced Industries “Takween” preliminary financial results showed an increase in its net profit of 556.68% in the third quarter of questyear, to reach 40.34 million riyals, compared to 6.14 million riyals, earnings for the same quarter of 2020.

On a quarterly basis, Takween’s net profit increased 412.45%, compared to about 7.87 million riyals, earnings in the second quarter of 2021.

Takween stated in a statement to Saudi Tadawul today, Thursday, that the increase in net profit for the third quarter of quest’year, on an annual basis, is due to the increase in sales revenues, the decrease in the cost of sales, the decrease in general and administrative expenses, the decrease in financial charges and the increase in capital gains deriving from the Sale of 70% of the participation of the company in SAF and the increase in profits of associated companies, despite the increase in commercial and marketing expenses.

And the company has turned to make a net profit of about 50.47 million riyals in the first nine months of 2021, compared to losses of about 2.03 million riyals in the same period of 2020.

Takween said its accumulated losses amounted to 269.34 million riyals at the end of the first nine months of 2021, or 28.35% of its 950 million riyals.

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