Riyadh – Mubasher: Takween Advanced Industries on Wednesday said its accumulated losses amounted to SAR 216.54 million, representing 22.8% of capital as at 31 December 2018.

Takween ascribed the losses to a decline in sales volume and a rise in the prices of raw materials prices, according to a bourse statement.

The Saudi firm further noted that it would implement procedures for Tadawul-listed companies whose losses exceed 20% of capital.

Takween last reported turning to profits in the third quarter of 2018 with SAR 442,000, against SAR 49,092 in losses in the same period of 2017.

By 1:13 pm Saudi time, Takween Advanced Industries’ stock tumbled 8.18%, reaching SAR 8.87.