KnowledgeNet posts SAR 4.9 mln profit in H1 2022

KnowledgeNet Co., which is set to be listed on Nomu-Parallel Market, posted a profit of SAR 4.9 million in H1 2022 against a loss of SAR 1.3 million in the prior-year period.

The turnaround was driven by a 45% rise year-on-year (YoY) in revenue and a 33% increase YoY in gross profit margin.

Sales of equity instruments contributed SAR 1.8 million to the six-month earnings, while divestment of a stake in the subsidiary, Takharuj Information Technology Co., resulted in a gain of SAR 1 million.

However, the general and administrative expenses increased YoY.

Total shareholders' equity, excluding minority interests, reached SAR 46.82 million at the end of June 30, 2022, compared to SAR 17.65 million in the year-earlier period.

The company's cash balance stood at SAR 24.3 million as of June 30, 2022. However, cash from operating activities was -SAR 2.2 million.

KnowledgeNet reported SAR 17.3 million in revenue from strategic projects in the first six months of 2022, compared to SAR 16.1 million a year earlier. Revenue from core business products rose to SAR 13 million from SAR 4.9 million at the end of H1 2022.

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