Riyadh – Mubasher: Takween Advanced Industries said the activities of its operating unit in Egypt (New Marina) will be negatively impacted by the official floatation of the Egyptian Pound.
The said floatation will negatively affect the fourth quarter 2016 consolidated net profit of the company by approximately SAR 45 million, according to a bourse filling.
The company pointed out that it run earlier a number of precautious measures to curb the negative impact of the official full flotation of EGP against foreign currencies.
Takween reported net profits of SAR 5.09 million for the third quarter of 2016, up from SAR 2.27 million for the same period earlier.
