Riyadh – Mubasher: Takween Advanced Industries turned to profits in the third quarter of 2016, according to a bourse filing.
The company posted SAR 5,085 profits in Q3-16 against SAR 2,273 losses in Q3-15.
The profits achieved in Q3 are attributed to lower general and administrative expenses, selling and distribution expenses, and research expenses, despite lower sales and higher foreign currency.
Sales decreased 17.54% to SAR 378.9 million in Q3-16 compared to SAR 459.5 million in Q3-15.
Takween’s net profits surged 145.18% to SAR 25.187 in the first nine months of 2016 from SAR 10,273 in the same period of 2015.
