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.

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. 

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.

View more financial results