Riyadh – Mubasher: Saudi Arabia-based Takween Advanced Industries on Thursday announced turning to a profit in the second quarter of 2018, against incurring losses in the year-ago period.

The firm logged a net profit of SAR 2.89 million during the period between April and June, against a loss of SAR 12.67 million in Q2-17, according to a bourse filing.

Quarter-on-quarter, Takween turned profitable in Q2-18, after losing SAR 836,000 in the first three months of 2018.

The company attributed the positive turn in second-quarter financials to an increase in sales revenues, coupled with lower distribution, sale, general, and administrative expenses.

Sales jumped 12.9% to SAR 374.9 million during Q2-18, from SAR 331.8 million in the year-ago period.

At the level of first six months of 2018, Takween turned profitable after posting SAR 2.06 million, against incurring a loss of SAR 21.57 million during H1-17.

Sales increased 7.5% to SAR 682.2 million during the period between January and June, compared to SAR 634.2 million in the corresponding period a year earlier.

By p01:05 pm Saudi time, the stock shed 0.54% to SAR 11.