Takween 9M 2024 losses shrink to SAR 25.8M in 9M 2024, SAR 17.7M in Q3

The company attributed the decrease in losses compared to the same period last year to a decline in the cost of revenues relative to the revenue levels. It also cited lower administrative and general expenses, reduced selling and distribution costs, a decrease in financing expenses, and an increase in other revenues.

This improvement occurred despite a decline in revenues during the first nine months of 2024 compared to the same period in 2023. The decline was primarily due to the exit from certain non-strategic activities and adjustments in pricing policies with customers.

Additionally, the company reported a higher share of losses from equity-accounted investments and an increase in zakat expenses.

In Q3 2024, Takween’s losses shrank by 41.7% to SAR 17.66 from SAR 30.31 million in Q3 2023 due to a reduction in the cost of revenues relative to revenue levels, lower administrative and general expenses, a decrease in financing expenses, and a reduction in zakat expenses.

This was despite an increase in selling and marketing expenses, a decline in other revenues, and a higher share of losses from equity-accounted investments.

However, Takween’s losses soared by 323.6% from SAR 4.17 million in Q2 2024 due to higher cost of revenues relative to revenue levels, an increase in administrative and general expenses, higher selling, marketing, and distribution expenses, and an increase in financing expenses.

Additionally, there was a decline in other revenues and higher losses resulting from equity-accounted investments in associate companies, despite a reduction in zakat expenses.

Shareholders’ equity, no minority interest, amounted to SAR 441.97 billion as of Sept. 30, 2024, up from SAR 341.1 billion in the year-earlier period.

The accumulated losses at the end of the nine-month period amounted to SAR 248.34 million, representing 32.48% of the company’s capital.

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