Takween Advanced Industries Company “Takween” turned to a loss in 2022 of about 158.91 million riyals, compared to a net profit of about 19.02 million riyals in 2021.
The company said in a statement on “Tadawul Saudi Arabia”, today, Monday, that the shift to the loss in 2022 on an annual basis is due to the write-off of the value of machines, equipment and molds at a value of 50.4 million riyals due to the impairment of their value according to International Standard 36.
She added that among the reasons for the shift in annual losses is the increase in the cost of sales due to the increase in raw material prices, the increase in selling and marketing expenses, the increase in financing expenses due to the increase in interest rates, and the increase in net losses from associate companies, despite the increase in sales revenues and the decrease in administrative and general expenses.
It stated that the previous year 2021 included capital gains amounting to 53.1 million riyals resulting from the sale of 70% of the company’s stake in the “Saf” company.
The company’s sales increased during 2022 by 24.67% to 1.04 billion riyals, compared to sales of 838.55 million riyals in 2021.