reports
- Fatma HADDAD
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.
- Fatma HADDAD
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.
Ford Equity International Rating and Forecast Report
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- Fatma HADDAD
Back to profits, but there is still a long way to go
Revenues recorded during Q3 2016 declined by 17.5% to SAR378.9m, bringing revenues registered since the beginning of the year to SAR1.136bn, a 16.2% yoy drop. The net result, standing at SAR5.09m (vs. SAR-2.273m in Q3 2015), even if it has deteriorated on a qoq basis, is considered as good news for the company since it has brought the net result for the period to SAR25.19m vs. SAR10.27m in 9M 2015.
Better than Q1, but still fragile
Takween’s Q2 2016 sales witnessed a 15.3% yoy drop, at SAR403.968m, bringing the revenues recorded since the beginning of the year to SAR756.636m (-15.6% yoy). The cost of sales decreased by 18.5% yoy, to stand at SAR325.836. The gross margin moved from 16.17% in Q2 2015 to 19.3% in Q2 2016. However, the net result tumbled by 46.2%, amounting to only SAR15.074m.
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