Takween Advanced Industries Co. reported a net profit after Zakat and tax of SAR 2.2 million for the first quarter of 2021, from a net loss of SAR 18.8 million for the same period last year.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 200.64 | 186.31 | (7.1 %) |
| Gross Income | 18.88 | 11.63 | (38.4 %) |
| Operating Income | (5.58) | (12.66) | (126.9 %) |
| Net Income | (18.79) | 2.16 | 111.5 % |
| Average Shares | 57.86 | 57.86 | - |
| EPS (Riyals) | (0.32) | 0.04 | 111.5 % |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 171.66 | 186.31 | 8.5 % |
| Gross Income | 0.25 | 11.63 | 4498.4 % |
| Operating Income | (15.85) | (12.66) | 20.1 % |
| Net Income | (3.40) | 2.16 | 163.5 % |
| Average Shares | 57.86 | 57.86 | - |
| EPS (Riyals) | (0.06) | 0.04 | 163.5 % |
The company attributed the net profit to the decrease in cost of revenue, lower general and administrative expenses, and lower financing charges.
When compared to previous quarter’s net loss of 3.4 million, turning to a net profit in Q1 2021 is dur to higher revenue, lower cost of revenue, and higher other income.
The company’s accumulated losses stood at SAR 317.55 million as of March 31, 2021, representing 33.4% of Takween’s total capital of SAR 950 million.
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