Takween Advanced Industries Co. reports its annual financial performance for the period ending December 31, 2024.
- Ayda Salem
- 1 day ago
- 2 min read
April 2, 2025 - The decrease in revenues to SAR 671.7 million in FY 2024, compared to SAR 818.2 million in FY 2023, is mainly due to a drop in sales volume following the discontinuation of certain non-strategic activities and products, as well as adjustments in the pricing policy.
The reduction in net loss for FY 2024 compared to FY 2023 is primarily due to an increase in gross profit, a decrease in general and administrative expenses, lower selling, marketing, and distribution expenses, reduced finance costs, and higher other income — despite an increase in the share of losses from an associate company and higher Zakat expenses.
Certain comparative figures for the previous fiscal year have been reclassified to align with the presentation format of the current fiscal year.
(1) As per Note 30 of the financial statements, the loss per share for the fiscal year ended December 31, 2024, was calculated by dividing the net loss of SAR 75.8 million by the weighted average number of shares outstanding, which was 72.5 million shares, resulting in a loss per share of SAR (1.05). The loss per share for the comparative period in 2023 was recalculated by dividing the net loss of SAR 223.3 million by the weighted average number of shares of 54.6 million, resulting in a loss per share of SAR (4.09).
(2) Along with the announcement of the annual financial results, the company’s accumulated losses reached 39.02%, impacted by an increase in provisions for doubtful debts amounting to SAR 15.5 million. Additionally, finance costs totaling SAR 55.59 million contributed to the rise in accumulated losses.
In response, the company has developed a comprehensive action plan aimed at regularly monitoring financial indicators and proactively taking necessary actions to ensure compliance with regulatory requirements and to strengthen long-term financial stability.
It is also important to note that the company is implementing the procedures and guidelines issued by the Capital Market Authority, applicable to listed companies whose accumulated losses exceed 35% of their share capital.