Riyadh – Mubasher: Takween Advanced Industries Company logged an 84.48% year-on-year (YoY) plunge in net losses to SAR 3.99 million in the first quarter (Q1) of 2024 from SAR 25.75 million.

Revenues declined by 21.26% YoY to SAR 183.14 million in Q1-24 from SAR 232.61 million, according to the interim financial results.

The loss per share hit SAR 0.07 in the three-month period that ended on 31 March 2024, down from SAR 0.47 in the same period a year earlier.

The accumulated losses reached SAR 225.79 million at the end of March, representing 29.53% of the company’s capital.

Quarter-on-quarter (QoQ), the net loss plummeted 97.08% in Q1-24 from SAR 137.20 million in the previous quarter, while revenues grew 5.72% QoQ from SAR 173.22 million.

In the first nine months (9M) of 2023, Takween posted net losses after Zakat and tax totalling SAR 86.13 million, an 87.85% surge from SAR 45.85 million in 9M-22.