EGP spoils the party
Takween’s Q4 2015 revenues declined by 20.4% to stand at SAR288.8m. Sales registered during the year 2016 amount to SAR1.424bn, a 17% yoy drop. As part of the company’s cost-cutting strategy, the cost of sales fell considerably by 22.4% to SAR1.195bn, leading the gross margin to improve by 574 bps, to 16.1%. The operating profit moved from SAR13.693m in 2015 to SAR73.441m in 2016. However, the net result is in a negative territory, for the second successive year, at SAR-32.985m vs.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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