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Takween Advanced Industries Co. — Earnings Release 2013
Feb 17, 2014
53261_rns_2014-02-17_bfcd285e-539a-4d43-9bf1-450d00fd143b.html
Earnings Release
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Takween Advanced Industries announces the annual financial results of the period ending on 31-12-2013
1201 · 17/02/2014 15:43:22 · Announcement #33273 · View on Saudi Exchange
Takween Advanced Industries announces the annual financial results of the period ending on 31-12-2013
| Element | Current year | Previous year | % Change |
|---|---|---|---|
| Net profit (loss) | 44.4 | 75.3 | -41.04 |
| Earning or loss per share, Riyals | 1.27 | 2.15 | - |
| Gross profit (loss) | 95.3 | 122.7 | -22.33 |
| Operational profit (loss) | 46.6 | 84.8 | -45.05 |
*All figures are in (Millions) Saudi Arabia, Riyals
| Element | EXPLAINATION |
|---|---|
| Reasons of annual financial results | The decrease of net income is due to increase COGS which was affected by the increase in the raw materials and the commitment of the company with its clients on long term contracts. So adjustment on inventory made by the company amounted SR 18 million on account of valuation adjustments and slow-moving items. Also, the decrease of the net income is due to increase in SG&A as well as the finance charges. |
| Reclassifications in annual financial results | Certain comparatives figures have been reclassified to conform with the presentation in the current period. |
| Other notes | Earnings per Share has been modified after approval of capital increase from 30 to 35 million shares which has been approved on 8 April 2013 in the extraordinary General Assembly meeting. |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.