Takween Advanced Industries Company swung to net losses after Zakat and tax worth SAR 45.85 million in the first nine months (9M) of 2022, compared to profits valued at SAR 50.36 million in 9M-21.

Revenues jumped by 28.39% year-on-year (YoY) to SAR 809.89 million in the January-September 2022 period, compared to SAR 630.81 million, according to the initial income statements.

The loss per share stood at SAR 0.48 in 9M-22, versus earnings per share (EPS) of SAR 0.53 in 9M-21.

Meanwhile, the Saudi firm incurred accumulated losses worth SAR 346.53 million as of 30 September 2022, accounting for 36.48% of the SAR 950 million capital.

In the third quarter (Q3) of 2022, Takween turned to net losses after Zakat and tax worth SAR 21.87 million, against net profits of SAR 40.34 million in Q3-21.

Furthermore, the Q3-22 revenues grew by 23.17% YoY to SAR 273.98 million from SAR 222.45 million.

On a quarterly basis, the Q3-22 net losses after Zakat and tax widened by 45.97% from SAR 14.98 million in Q2-22, whereas the revenues declined by 4.28% from SAR 286.25 million.

In the January-March 2022 period, the company shifted to net losses after Zakat and tax worth SAR 8.97 million, compared to profits of SAR 2.15 million in Q1-21.