Knowledge Economic City (KEC) deepened net losses by 49.6% to SAR 13.6 million in Q1 2024, from SAR 9 million in the prior-year period.
| Item | Q1 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 18.05 | 7.52 | (58.4 %) |
| Gross Income | 6.57 | 2.49 | (62.1 %) |
| Operating Income | (6.93) | (16.46) | (137.4 %) |
| Net Income | (9.08) | (13.58) | (49.6 %) |
| Average Shares | 339.30 | 339.30 | - |
| EPS (Riyals) | (0.03) | (0.04) | (49.6 %) |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 4.05 | 7.52 | 85.5 % |
| Gross Income | (0.35) | 2.49 | 817.3 % |
| Operating Income | (21.11) | (16.46) | 22.0 % |
| Net Income | (21.68) | (13.58) | 37.3 % |
| Average Shares | 339.30 | 339.30 | - |
| EPS (Riyals) | (0.06) | (0.04) | 37.3 % |
The company posted a decline in sales on a yearly basis in Q1 2024. Additionally, KEC sold out all units available for sale at one of its projects.
Sales also slumped in Q1 2024, compared to the year-earlier period. In addition, the company reported higher operating expenses (OpEx) during the same quarter.
On a quarterly basis, KEC narrowed net losses by 37.3% from SAR 21.6 million in Q4 2023, thanks to the marginal quarter-on-quarter (QoQ) rise in the first-quarter sales. OpEx also decreased sequentially during the three-month period.
Total shareholders’ equity, after minority interest, came in at SAR 3 billion as of March 31, 2024, slightly down from SAR 3.04 billion in the prior-year period.
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