KnowledgeNet swings to loss of SAR 4.3 mln in H1 2023

KnowledgeNet Co. reported a net loss of SAR 4.3 million for H1 2023, against a profit of SAR 4.9 million a year earlier.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	30.32	25.11	(17.2 %)
Gross Income	9.92	4.61	(53.6 %)
Operating Income	1.87	(5.30)	(383.4 %)
Net Income	4.87	(4.03)	(182.7 %)
Average Shares	3.50	3.50	-
EPS (Riyals)	1.39	(1.15)	(182.7 %)

The losses are attributed to lower licenses for new programs that have high profitability, as sales of these programs did not proceed at a regular pace during the year.

In addition, the sales team grew to support the company's expansion plans and sell new products.

Operating expenses (OpEx) rose due to the investments in some subsidiaries in the spending phase, at a cost of SAR 2.9 million. These subsidiaries did not start to generate revenues in H1 2023.

In the year-ago period, KnowledgeNet achieved a non-recurring income of SAR 2.76 million as profit from the sale of an investment in a subsidiary and profits from the sale of financial assets.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2022	H1 2023	Change‬
Revenues	30.32	25.11	(17.2 %)
Gross Income	9.92	4.61	(53.6 %)
Operating Income	1.87	(5.30)	(383.4 %)
Net Income	4.87	(4.03)	(182.7 %)
Average Shares	3.50	3.50	-
EPS (Riyals)	1.39	(1.15)	(182.7 %)

Item	H2 2022	H1 2023	Change‬
Revenues	28.09	25.11	(10.6 %)
Gross Income	9.72	4.61	(52.6 %)
Operating Income	(0.53)	(5.30)	(895.7 %)
Net Income	(1.77)	(4.03)	(127.4 %)
Average Shares	3.50	3.50	-
EPS (Riyals)	(0.51)	(1.15)	(127.4 %)

Total shareholders’ equity, excluding minority interest, fell to SAR 40.84 million as of June 30, 2023, from SAR 47.38 million a year earlier.

Quarterly Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2021	20.97	(1.32)	(0.53)
H2 2021	28.05	2.89	1.16
H1 2022	30.32	4.87	1.39
H2 2022	28.10	(1.65)	(0.47)
H1 2023	25.11	(4.34)	(1.24)

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Share Price

Knowledge Net Co. (KNOWLEDGENET)

	Current
Market Cap (M Riyal)	101.50
Enterprise Value (EV) (M)	88.93
Shares Outstanding ((M))	3.50
Book Value (BV) ( Riyal)	11.29
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
Price/book	2.57

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KnowledgeNet swings to loss of SAR 4.3 mln in H1 2023

Financials (M)

Current Half Annual Comparison (M)

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Share Price

Knowledge Net Co. (KNOWLEDGENET)

Financial Ratios

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