Difficult start to the year
During Q1 2017, Takween recorded decreasing sales by 13.6% yoy to SAR304.722m. The gross margin gave up 430 basis points to establish at 12%. Finance charges remained stable, at SAR14.247m (a slight 1.1% yoy increase). The net result moved from a profit of SAR5.028m in Q1 2016 to a loss of SAR-8.905m in Q1 2017.Takween Advanced Industries is engaged in the production of disposable polystyrene cups, lids and other plastic related products; production of non-woven plastics; and production of PET (Polyethylene Terephthalate) pre-forms.
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