iyadh – Mubasher: The interim financial results of Takween Advanced Industries Company showed a 49.77% increase in net profit during the first quarter (Q1) of 2020 to SAR 18.79 million, compared with SAR 12.55 million in the same period last year.

Revenues amounted to SAR 274 million in Q1-20, compared with SAR 303.47 million for Q1-19, falling by 9.7%.

The rise in net losses was attributed to the decrease in sales revenue, and the increase in selling and distribution expenses and the decrease in other income, according to a company statement on Thursday.

On the other hand, the cost of revenue, general and administrative expenses, and financial charges decreased during the first three months of the year.