Takween Advanced Industries Co. — Interim / Quarterly Report 2014

Jan 20, 2014

Takween Advanced Industries announces the interim financial results for the period ending on 31-12-2013 (Twelve Months)

1201 · 20/01/2014 17:14:20 · Announcement #33032 · View on Saudi Exchange

Takween Advanced Industries announces the interim financial results for the period ending on 31-12-2013 (Twelve Months)

Element	Current quarter	Similar quarter for previous year	% Change current	Previous quarter	% Change previous
Net profit (loss)	1.22	21.8	-	10.8	-
Gross profit (loss)	14.11	28.8	-	27	-
Operational profit (loss)	1.44	22.8	-	14.6	-
All figures are in (Millions) Saudi Arabia, Riyals

Element	Current period	Similar period for previous year	% Change
Net profit (loss)	47.08	75.3	-
Gross profit (loss)	98	122.6	-
Operational profit (loss)	49.33	84.8	-
Earning or loss per share, Riyals	1.35	2.15	-
All figures are in (Millions) Saudi Arabia, Riyals

Element	EXPLAINATION
Reasons of increase (decrease) for quarter compared with same quarter last year	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 15.8 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.
Reasons of increase (decrease) for period compared with same period last year	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 15.8 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
Reasons of increase (decrease) for quarter compared with previous quarter	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. It is worth mentioning that there is a decrease on the finance charge and increase on the other income compared to the previous period.
Reclassifications in quarterly 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.

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