Riyadh – Mubasher: Takween Advanced Industries Company turned to losses during the third quarter of 2019, suffering SAR 28.7 million, versus profits of SAR 442,000 in Q3-18.

Revenues plunged by 15% to SAR 341 million in Q3-19, compared to SAR 370.7 million in 2018’s quarter, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Thursday.

The company attributed the move to losses to the decrease in sales revenue, and the increase in selling and distribution expenses, in addition to the financial charges.

During the nine-month period between January and September, Takween incurred SAR 54.3 million in losses, against net profits worth SAR 2.49 million in the same period last year.

On a yearly basis, total revenues retreated by 10.9% to SAR 937 million by the end of September.

Loss per share registered SAR 0.57 in nine months, versus a profit per share of SAR 0.03 in the same period the year before.