Riyadh – Mubasher: Saudi Arabia-based Takween Advanced Industries on Thursday has said that it turned to a profit in the third quarter of 2018, against suffering losses in the year-ago period.
Takween’s net profits after calculating Zakat and Tax amounted to SAR 442,000 during Q3-18, against a loss of SAR 49,092 in Q3-17, according to a statement to the Saudi Stock Exchange (Tadawul).
The firm attributed the positive turn in its financials to a growth in sales revenues, coupled with lower administrative, general, distribution, and selling expenses.
Revenues increased by 10.9% to SAR 370,795 from July to September 2018, from SAR 334,211 during the year-ago period.
During the first nine months of 2018, Takween generated a profit of SAR 2.50 million, against suffering SAR 70,664 in losses in the same period of 2017.
Takween’s sales jumped 8.7% to SAR 1.05 million from January to September, compared to SAR 968,477 a year earlier.
Takween Advanced Industries’ stock inched down 0.60% to close Thursday’s trading session at SAR 10.02.
