KnowledgeNet turns to SAR 5.3M loss in 2023

31/03/2024 Argaam Exclusive

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KnowledgeNet Co. reported a net loss of SAR 5.3 million for 2023, versus a net profit of SAR 3.1 million a year earlier.

Financials (M)

Item	2022	2023	Change‬
Revenues	58.41	51.87	(11.2 %)
Gross Income	19.64	17.78	(9.5 %)
Operating Income	1.34	(7.90)	(690.8 %)
Net Income	3.10	(5.26)	(269.8 %)
Average Shares	3.50	3.50	-
EPS (Riyals)	0.89	(1.50)	(269.8 %)

Current Half Annual Comparison (M)

Compared With The

Item	H2 2022	H2 2023	Change‬
Revenues	28.09	26.76	(4.8 %)
Gross Income	9.72	13.18	35.5 %
Operating Income	(0.53)	(2.60)	(389.0 %)
Net Income	(1.77)	(1.23)	30.6 %
Average Shares	3.50	3.50	-
EPS (Riyals)	(0.51)	(0.35)	30.6 %

Item	H1 2023	H2 2023	Change‬
Revenues	25.11	26.76	6.6 %
Gross Income	4.61	13.18	186.0 %
Operating Income	(5.30)	(2.60)	50.9 %
Net Income	(4.03)	(1.23)	69.5 %
Average Shares	3.50	3.50	-
EPS (Riyals)	(1.15)	(0.35)	69.5 %

This was due to an increase in operating expenses as a result of the strategic investment in some subsidiaries, which amounted to SAR 4.22 million. These investments are still in the early stages of growth and have not begun generating revenues in 2023.

The company also cited one-off expenses of SAR 935,772 related to its Nomu listing that took place in H1 2023. This is in addition to lower revenue from an affiliate, which pressured the overall 2023 topline.

Total shareholders’ equity, after minority interest, stood at SAR 39.50 million by Dec. 31, 2023, compared to SAR 46.81 million a year ago.

Historical Data
Period	Revenue (SAR mln)	Net profit (SAR mln)	EPS (SAR /share)
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)
H2 2023	26.76	(0.923)	(0.26)

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