Knowledge Tower’s profit down 37% to SAR 3.4M in FY23/24

30/06/2024 Argaam Exclusive

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Knowledge Tower Trading Co.’s net profit dropped by 37% to SAR 3.4 million in the fiscal year (FY) ended on March 31, 2024, compared to SAR 5.4 million a year earlier.


Financials (M)

Item 2022 2023 Change‬
Revenues 29.32 31.42 7.2 %
Gross Income 11.44 12.06 5.4 %
Operating Income 6.09 4.96 (18.6 %)
Net Income 5.36 3.39 (36.8 %)
Average Shares 17.50 17.50 -
EPS (Riyals) 0.31 0.19 (36.8 %)


This was driven by higher advertisement fees year-on-year (YoY) as the company was bracing for new projects, an increase in salaries and commissions, and rising cost of finance, despite a 7% YoY increase in revenue on strong operating performance.

Total shareholders’ equity, no minority interest, reached SAR 19.76 million as of March 31, 2024, compared to SAR 24.24 million a year earlier.

 

 

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