Takween’s losses widen 187% in Q1-23; accumulated losses hit 51% of capital

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Riyadh – Takween Advanced Industries Company incurred net losses after Zakat and tax worth SAR 25.75 million in the first quarter (Q1) of 2023, an increase of 186.95% from SAR 8.97 million in Q1-22.

The loss per share deepened to SAR 0.27 in Q1-23 from SAR 0.09 in Q1-22, according to the financial results.

Revenues declined by 6.82% year-on-year (YoY) to SAR 232.61 million during the January-March 2023 period from SAR 249.65 million.

On a quarterly basis, the net losses in Q1-23 were 77.22% lower than SAR 113.06 million in Q4-22, while the revenues decreased from SAR 235.50 million.

Accumulated Losses

Takween unveiled that its accumulated losses reached SAR 485.35 million as of 31 March 2023, accounting for 51.09% of the SAR 950 million capital. The amount is compared to SAR 459.60 million which was registered as of 31 December 2022.

In 2022, the listed firm turned to losses worth SAR 158.91 million against profits of SAR 19.02 million in 2021.