Riyadh – Mubasher: Takween Advanced Industries on Sunday posted a 76.38% year-on-year plunge in net loss for the full-year ended 31 December 2018.

The Saudi-based company has suffered a net loss of SAR 39.73 million in 2018, versus SAR 168.23 million a year earlier, according to a statement to Tadawul.

The company attributed the decrease in 2018 net loss to higher sales and lower general and administrative expenses, selling and distribution expenses, coupled with an increase in other incomes.

Revenues reached SAR 1.34 billion last year, up 9.2% from SAR 1.23 billion in 2017, Takween said.

Total profit soared by 105.9% year-on-year in 2018 to SAR 128.3 million, compared to SAR 62.33 million a year earlier.

Loss per share stood at SAR 0.42 in the 12-month period ended last December, versus SAR 1.77 in 2017.

Last week, Takween Advanced reported its accumulated losses totalled SAR 216.54 million, making up 22.8% of capital at the end of 2018.

In November, the Tadawul-listed firm posted a net profit of SAR 2.50 million for the first nine months of 2018, against a loss of SAR 70,664 in the same period of 2017.