Riyadh – Mubasher: Takween Advanced Industries on Tuesday said its net profits declined 46.23% year-on-year to SAR 15.07 million ($4.02 million) in the second quarter of 2016 from SAR 28.03 million ($7.47 million).
Falling net profit was ascribed to lower sales and cost of sales, distribution expenses, and research and development (R&D) expenses, added to higher general and administrative expenses and financial charges.
On the other hand, the company’s net profits rose 60.24% to SAR 20.1 million in the first half of 2016 from SAR 12.55 million in the same period of 2015.
