TAKWEEN
Takween Advanced Industries Co.
As of: Mar 26, 2026
Company Profile
Takween Advanced Industries is a Saudi Joint Stock Company that owns and operates factories for plastic products. Its activities include the production of disposable polystyrene cups, non-woven fabrics, PET pre-forms, and plastic containers. The company also manages industrial centers, establishes industrial institutes, and trades in various plastic products. It operates through subsidiaries in Saudi Arabia and Egypt.
The Story
Takween is currently undergoing a period of significant operational contraction and value destruction, characterized by declining revenues and a heavy reliance on capital restructuring to sustain its packaging operations.
Source: Q3 2025 (2025-11-17)
Performance & Distributions
Market Pricing Multiples
Growth Story
The growth narrative for Takween is one of significant retreat rather than expansion. Revenue has experienced a sharp downward trend, falling from 1.05 billion SAR in fiscal 2022 to a TTM figure of 592.8 million SAR. This contraction is reflected in a negative five-year average ROIC of -7.10%, which, combined with a lack of operational reinvestment capacity, results in a sustainable growth rate of zero. The company's capacity for long-term growth is currently constrained by its focus on stabilizing the business through capital injections, such as the 300 million SAR rights issue completed in 2024, rather than organic market share gains.
Profitability Dynamics
Takween is currently in a value-destruction phase, evidenced by a TTM ROIC vs. WACC gap of -18.27%. The company is failing to earn its cost of capital, with TTM operating margins sitting at -7.12% and net losses reaching 101.4 million SAR. While the food packaging segment remains the dominant revenue contributor, generating 368 million SAR in the first nine months of 2025, it has not been able to offset the group's overall losses. Cash flow generation remains under pressure, with the company relying on external financing and shareholder loans to manage working capital requirements and interest obligations.
Risk & Capital Structure
Risk Factors
The risk profile is dominated by high leverage and liquidity concerns, as reflected in a high relevered beta of 2.37. Total debt has reached 716.9 million SAR, significantly exceeding the company's market capitalization of 458.8 million SAR. Financial stability is further challenged by a history of loan covenant breaches, which required a bank waiver in fiscal 2024. The company is heavily dependent on support from its majority shareholder, Al Othman Group, which provided a 58.9 million SAR short-term loan in 2025. Additionally, the group faces geographic and currency risks through its Egyptian subsidiary, New Marina, and is attempting to mitigate liquidity risks by establishing a new 650 million SAR Sukuk issuance program.
Governance Disclosures
We track 5 key governance and oversight matters for this company in our database.
Major Customer Revenue Concentration
A single customer accounts for SAR 72.37 million of the Group's total revenue, representing approximately 16% of the consolidated revenue for the period ended September 30, 2025.
Management and Director Remuneration
Total remuneration for directors and key management personnel amounted to SAR 11.73 million for the period, including basic remuneration, housing allowances, and bonuses. Additionally, SAR 195 thousand was paid for Board of Directors and related committee fees.
Research Report
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