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 %)

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	8.39	10.00	19.3 %
Gross Income	2.37	-	-
Operating Income	(0.13)	-	-
Net Income	(0.75)	(1.74)	(132.3 %)
Average Shares	17.50	17.50	-
EPS (Riyals)	(0.04)	(0.10)	(132.3 %)

Item	H1 2023	H2 2023	Change‬
Revenues	21.42	10.00	(53.3 %)
Net Income	5.13	(1.74)	(133.9 %)
Average Shares	17.50	17.50	-
EPS (Riyals)	0.29	(0.10)	(133.9 %)

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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