Takween’s 9M 2023 loss deepens to SAR 86.1 mln; Q3 at SAR 30.3 mln

Takween’s 9M 2023 loss deepens to SAR 86.1 mln; Q3 at SAR 30.3 mln

29/10/2023 Argaam Exclusive

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Takween Advanced Industries (Takween) slid into a deeper net loss of SAR 86.1 million in the first nine months of 2023, compared to SAR 45.9 million a year earlier.​



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 809.89 644.94 (20.4 %)
Gross Income 49.21 28.57 (41.9 %)
Operating Income (18.73) (37.06) (97.9 %)
Net Income (45.85) (86.13) (87.8 %)
Average Shares 57.86 57.86 -
EPS (Riyals) (0.79) (1.49) (87.8 %)

The company reported a decline in the cost of goods sold, along with higher cost of sales to total sales.

 

Further, Takween recorded higher general and administrative (G&A) expenses, as well as finance costs (FCs).

 

By contrast, selling and marketing expenses decreased.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 273.99 194.71 (28.9 %)
Gross Income 11.99 5.03 (58.0 %)
Operating Income (10.56) (14.57) (37.9 %)
Net Income (21.89) (30.31) (38.5 %)
Average Shares 57.86 57.86 -
EPS (Riyals) (0.38) (0.52) (38.5 %)

In Q3 2023, losses increased to SAR 30.3 million from SAR 21.89 million in the prior-year period. Takween cited lower cost of goods sold, along with higher ratio of the cost of sales to total sales. G&A as well as FCs also increased, despite a drop in selling and marketing expenses decreased.

 

On a quarterly basis, losses rose from SAR 30.07 million in Q2 2023.

 

Total shareholders’ equity, with no minority interest, reached SAR 341.10 million by the end of the nine-month period, from SAR 550.55 million a year earlier.

 

Accumulated losses as of Sept. 30, 2023 reached SAR 60.37 million.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2014 173.69 (3.9 %) 22.19 (27.8 %) 8.80 (51.8 %) 0.30
Q2 2014 207.29 6.9 % 29.48 12.4 % 27.85 65.3 % 0.94
Q3 2014 194.64 1.3 % 35.61 32.1 % 19.44 80.4 % 0.65
Q4 2014 192.06 17.0 % 32.66 186.0 % (0.76) 48.3 % (0.03)
Q1 2015 419.32 141.4 % 27.89 25.7 % (15.49) (276.0 %) (0.52)
Q2 2015 477.02 130.1 % 77.15 161.8 % 28.03 0.7 % 0.94
Q3 2015 459.48 136.1 % 55.72 56.5 % (2.27) (111.7 %) (0.08)
Q4 2015 362.65 88.8 % 17.16 (47.4 %) (37.73) (4,865.0 %) (1.27)
Q1 2016 352.67 (15.9 %) 57.52 106.3 % 1.88 112.1 % 0.06
Q2 2016 403.97 (15.3 %) 78.13 1.3 % 12.50 (55.4 %) 0.42
Q3 2016 378.89 (17.5 %) 47.89 (14.1 %) 4.35 291.2 % 0.15
Q4 2016 280.07 (22.8 %) 18.03 5.1 % (80.82) (114.2 %) (1.40)
Q1 2017 302.42 (14.2 %) 42.00 (27.0 %) (8.91) (573.7 %) (0.15)
Q2 2017 331.85 (17.9 %) 37.28 (52.3 %) (12.67) (201.3 %) (0.22)
Q3 2017 334.21 (11.8 %) 4.83 (89.9 %) (49.09) (1229.6 %) (0.85)
Q4 2017 262.02 (6.4 %) (21.77) (220.7 %) (97.57) (20.7 %) (1.69)
Q1 2018 307.33 1.6 % 26.41 (37.1 %) (0.84) 90.6 % (0.01)
Q2 2018 374.91 13.0 % 47.45 27.3 % 2.89 122.8 % 0.05
Q3 2018 370.80 10.9 % 46.67 867.2 % 0.44 100.9 % 0.01
Q4 2018 290.72 11.0 % 7.86 136.1 % (42.23) 56.7 % (0.73)
Q1 2019 303.47 (1.3 %) 32.98 24.9 % (12.55) (1,401.0 %) (0.22)
Q2 2019 319.15 (14.9 %) 30.74 (35.2 %) (13.03) (550.6 %) (0.23)
Q3 2019 314.67 (15.1 %) 16.75 (64.1 %) (28.77) (6608.6 %) (0.50)
Q4 2019 252.16 (13.3 %) (8.54) (208.6 %) (42.37) (0.3 %) (0.73)
Q1 2020 200.64 (33.9 %) 18.88 (42.7 %) (18.79) (49.8 %) (0.32)
Q2 2020 198.54 (37.8 %) 20.36 (33.8 %) 10.03 177.0 % 0.17
Q3 2020 183.34 (41.7 %) 17.91 6.9 % 6.14 121.4 % 0.11
Q4 2020 171.66 (31.9 %) 0.25 103.0 % (3.40) 92.0 % (0.06)
Q1 2021 186.31 (7.1 %) 11.63 (38.4 %) 2.16 111.5 % 0.04
Q2 2021 222.05 11.8 % 12.09 (40.6 %) 7.87 (21.5 %) 0.14
Q3 2021 222.45 21.3 % 24.14 34.8 % 40.34 556.6 % 0.70
Q4 2021 207.74 21.0 % 4.04 1498.0 % (31.34) (823.2 %) (0.54)
Q1 2022 249.65 34.0 % 20.68 77.7 % (8.98) (516.1 %) (0.16)
Q2 2022 286.25 28.9 % 16.54 36.8 % (14.99) (290.4 %) (0.26)
Q3 2022 273.99 23.2 % 11.99 (50.3 %) (21.89) (154.3 %) (0.38)
Q4 2022 235.51 13.4 % (16.66) (512.1 %) (113.07) (260.7 %) (1.95)
Q1 2023 232.62 (6.8 %) 15.15 (26.7 %) (25.76) (187.0 %) (0.45)
Q2 2023 217.61 (24.0 %) 8.39 (49.3 %) (30.07) (100.6 %) (0.52)
Q3 2023 194.71 (28.9 %) 5.03 (58.0 %) (30.31) (38.5 %) (0.52)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 11.99 % 11.21 % 1.83 %
Q2 2014 12.21 % 11.41 % 1.28 %
Q3 2014 13.34 % 12.67 % 1.47 %
Q4 2014 15.62 % 15.46 % 4.66 %
Q1 2015 12.40 % 10.83 % 0.22 %
Q2 2015 13.51 % 12.23 % 1.91 %
Q3 2015 12.50 % 11.18 % 0.94 %
Q4 2015 10.35 % 9.38 % (2.42 %)
Q1 2016 12.57 % 12.28 % (0.61 %)
Q2 2016 13.21 % 11.92 % (1.62 %)
Q3 2016 13.40 % 13.76 % (1.27 %)
Q4 2016 14.24 % 9.88 % (2.67 %)
Q1 2017 13.63 % 9.09 % (3.56 %)
Q2 2017 11.23 % 7.33 % (5.71 %)
Q3 2017 8.18 % 1.55 % (10.19 %)
Q4 2017 5.07 % 0.57 % (13.67 %)
Q1 2018 3.78 % (0.05 %) (12.96 %)
Q2 2018 4.45 % 0.37 % (11.31 %)
Q3 2018 7.51 % 3.11 % (7.23 %)
Q4 2018 9.55 % 7.55 % (2.96 %)
Q1 2019 10.07 % 7.29 % (3.84 %)
Q2 2019 9.21 % 6.51 % (5.25 %)
Q3 2019 7.19 % 5.33 % (7.86 %)
Q4 2019 6.05 % 4.79 % (6.51 %)
Q1 2020 5.32 % 4.65 % (7.70 %)
Q2 2020 4.91 % 5.31 % (6.28 %)
Q3 2020 5.83 % 6.61 % (3.08 %)
Q4 2020 7.61 % 9.11 % (0.80 %)
Q1 2021 6.78 % 7.35 % 2.02 %
Q2 2021 5.49 % 4.82 % 1.67 %
Q3 2021 6.00 % 3.43 % (0.77 %)
Q4 2021 6.19 % 0.99 % (4.07 %)
Q1 2022 6.76 % 1.60 % (5.01 %)
Q2 2022 6.77 % 2.08 % (7.05 %)
Q3 2022 5.23 % 1.72 % (7.59 %)
Q4 2022 3.11 % (5.36 %) (15.20 %)
Q1 2023 2.63 % (6.06 %) (17.09 %)
Q2 2023 1.97 % (7.87 %) (19.88 %)
Q3 2023 1.35 % (9.29 %) (22.62 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2014 29.72 1.18 0.45 15.46
Q2 2014 29.72 1.55 0.32 15.81
Q3 2014 29.72 1.84 0.36 16.47
Q4 2014 29.72 1.86 1.20 16.44
Q1 2015 29.72 1.04 0.08 15.77
Q2 2015 29.72 1.05 0.83 16.69
Q3 2015 29.72 0.32 0.49 16.57
Q4 2015 29.72 (0.92) (1.40) 15.31
Q1 2016 29.72 (0.34) (0.34) 15.51
Q2 2016 29.72 (0.86) (0.86) 15.77
Q3 2016 29.72 (0.64) (0.64) 16.07
Q4 2016 57.86 (1.07) (0.65) 15.78
Q1 2017 57.86 (1.26) (0.84) 15.63
Q2 2017 57.86 (1.69) (1.28) 15.41
Q3 2017 57.86 (2.62) (2.20) 14.58
Q4 2017 57.86 (2.91) (2.91) 12.79
Q1 2018 57.86 (2.77) (2.77) 12.42
Q2 2018 57.86 (2.50) (2.50) 12.46
Q3 2018 57.86 (1.64) (1.64) 12.47
Q4 2018 57.86 (0.69) (0.69) 11.81
Q1 2019 57.86 (0.89) (0.89) 11.62
Q2 2019 57.86 (1.16) (1.16) 11.42
Q3 2019 57.86 (1.67) (1.67) 10.93
Q4 2019 57.86 (1.67) (1.34) 10.25
Q1 2020 57.86 (1.78) (1.45) 9.94
Q2 2020 57.86 (1.38) (1.05) 10.09
Q3 2020 57.86 (0.78) (0.44) 10.21
Q4 2020 57.86 (0.10) (0.10) 10.17
Q1 2021 57.86 0.26 0.26 10.20
Q2 2021 57.86 0.22 0.22 10.34
Q3 2021 57.86 0.81 (0.11) 11.04
Q4 2021 57.86 0.33 (0.59) 10.49
Q1 2022 57.86 0.14 (0.78) 10.29
Q2 2022 57.86 (0.26) (1.18) 9.92
Q3 2022 57.86 (1.33) (1.33) 9.52
Q4 2022 57.86 (2.75) (2.75) 7.51
Q1 2023 57.86 (3.04) (3.04) 6.94
Q2 2023 57.86 (3.30) (3.30) 6.42
Q3 2023 57.86 (3.44) (3.44) 5.90

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 More than 100 More than 100 7.99
Q2 2014 99.03 More than 100 9.68
Q3 2014 92.19 More than 100 10.29
Q4 2014 77.83 More than 100 8.81
Q1 2015 More than 100 More than 100 12.12
Q2 2015 More than 100 More than 100 13.29
Q3 2015 More than 100 More than 100 8.01
Q4 2015 NEG NEG 7.36
Q1 2016 NEG NEG 4.49
Q2 2016 NEG NEG 4.57
Q3 2016 NEG NEG 3.13
Q4 2016 NEG NEG 1.87
Q1 2017 NEG NEG 1.73
Q2 2017 NEG NEG 1.58
Q3 2017 NEG NEG 1.72
Q4 2017 NEG NEG 1.72
Q1 2018 NEG NEG 1.63
Q2 2018 NEG NEG 1.91
Q3 2018 NEG NEG 1.85
Q4 2018 NEG NEG 1.77
Q1 2019 NEG NEG 1.71
Q2 2019 NEG NEG 1.48
Q3 2019 NEG NEG 1.57
Q4 2019 NEG NEG 1.69
Q1 2020 NEG NEG 1.41
Q2 2020 NEG NEG 1.52
Q3 2020 NEG NEG 2.69
Q4 2020 NEG NEG 2.99
Q1 2021 More than 100 More than 100 3.71
Q2 2021 More than 100 More than 100 5.23
Q3 2021 58.35 NEG 4.29
Q4 2021 More than 100 NEG 3.70
Q1 2022 More than 100 NEG 3.51
Q2 2022 NEG NEG 2.62
Q3 2022 NEG NEG 2.53
Q4 2022 NEG NEG 2.60
Q1 2023 NEG NEG 2.89
Q2 2023 NEG NEG 3.30
Q3 2023 NEG NEG 2.86

Business Segments (Million)

Compared With The
Period Polystyrene cups and lids and other related plastic products Non- woven Fabrics Thumbnail of preset BIT bottles (polyethylene terephthalate)
Q1 2013 64.97 69.86 45.83
Q2 2013 70.83 65.93 57.23
Q3 2013 77.06 67.41 47.76
Q4 2013 68.04 63.45 32.66
Q1 2014 67.35 61.02 45.32
Q2 2014 76.50 79.64 51.15
Q3 2014 65.97 83.05 45.62
Q4 2014 103.83 88.24 -
Q1 2015 325.75 93.57 -
Q2 2015 388.58 88.44 -
Q3 2015 383.72 75.76 -
Q4 2015 294.56 68.09 -
Q1 2016 291.51 61.16 -
Q2 2016 341.70 62.26 -
Q3 2016 318.71 60.18 -
Q4 2016 239.65 40.43 -
Q1 2017 251.03 51.39 -
Q2 2017 273.10 58.75 -
Q3 2017 273.72 58.14 -
Q4 2017 188.30 63.39 -
Q1 2018 236.50 70.83 -
Q2 2018 305.64 69.27 -
Q3 2018 287.77 83.03 -
Q4 2018 220.90 69.82 -
Q1 2019 230.44 73.03 -
Q2 2019 252.89 66.26 -
Q3 2019 250.41 64.27 -
Q4 2019 190.04 62.12 -
Q1 2020 200.64 73.38 -
Q2 2020 198.54 94.18 -
Q3 2020 183.34 104.89 -
Q4 2020 171.66 87.51 -


Financial Ratios
Current
Market Cap (M Riyal) 915.99
Enterprise Value (EV) (M) 1,441.86
Shares Outstanding ((M)) 76.46
EPS ( Riyal) (TTM) (2.64)
Book Value (BV) ( Riyal) 6.11
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.96
Return on Average Assets (%) (TTM) (13.86 )
Return on Average Equity (%) (TTM) (46.41 )
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Share Price

Takween Advanced Industries Co.
11.98
0.08 0.67 %

Takween Advanced Industries Co. (TAKWEEN)

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