Financial Results : KnowledgeNet swings to loss of SAR 4.3 mln in H1 2023

KnowledgeNet swings to loss of SAR 4.3 mln in H1 2023

04/09/2023 Argaam Exclusive

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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.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 30.32 25.11 (17.2 %)
Gross Income 9.92 4.61 (53.6 %)
Operating Income 1.87 (5.30) (383.4 %)
Net Income 4.87 (4.03) (182.7 %)
Average Shares 3.50 3.50 -
EPS (Riyals) 1.39 (1.15) (182.7 %)

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. 



Current Half Annual Comparison (M)

Compared With The
Item H1 2022 H1 2023 Change‬
Revenues 30.32 25.11 (17.2 %)
Gross Income 9.92 4.61 (53.6 %)
Operating Income 1.87 (5.30) (383.4 %)
Net Income 4.87 (4.03) (182.7 %)
Average Shares 3.50 3.50 -
EPS (Riyals) 1.39 (1.15) (182.7 %)

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.

 

Quarterly Data

Period

Revenue (SAR mln)

Net Profit (SAR mln)

EPS (SAR)

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)

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