Riyadh – Mubasher: Takween Advanced Industries Company posted its interim financial results for the second quarter of 2019.

The company turned to losses with SAR 13.03 million in Q2-29, against profits of SAR 2.89 million in Q2-18, according to the company’s recent statement to the Saudi Stock Exchange (Tadawul).

The reason for the net loss in Q2-19 is due to the decrease in sales revenue, and the increase in general and administrative expenses, and the financial charges.

Revenues of the Saudi firm plunged by 14.8% to SAR 319.1 million during the three-month period between April and June, compared to SAR 374.9 million in the same period of the prior year.

For the first half of 2019, net losses reached SAR 25.5 million, versus profits of SAR 2.05 million in H1-18.

Total revenues declined by 8.7% year-on-year to SAR 622.6 million by the end of June.