KnowledgeNet cuts H1 2024 net losses to SAR 544,000

29/08/2024 Argaam Exclusive

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KnowledgeNet Co. trimmed net losses to SAR 544,000 in the first half of 2024, from SAR 4 million in the prior-year period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	25.11	28.93	15.2 %
Gross Income	4.61	10.15	120.2 %
Operating Income	(5.30)	(2.01)	62.1 %
Net Income	(4.03)	(0.54)	86.5 %
Average Shares	3.50	3.50	-
EPS (Riyals)	(1.15)	(0.16)	86.5 %

The decline in losses was spurred by a 15% year-on-year (YoY) rise in the first-half revenue to SAR 28.9 million. The parent company’s top line also jumped 52% YoY, thanks to a 130% surge in license sales.

Gross profits also soared to SAR 10.14 million in H1 2024, from SAR 4.60 million in the first half of 2023. Gross profit margins rose, showing a positive impact on earnings per share.

Current Half Annual Comparison (M)

Compared With The

Item	H1 2023	H1 2024	Change‬
Revenues	25.11	28.93	15.2 %
Gross Income	4.61	10.15	120.2 %
Operating Income	(5.30)	(2.01)	62.1 %
Net Income	(4.03)	(0.54)	86.5 %
Average Shares	3.50	3.50	-
EPS (Riyals)	(1.15)	(0.16)	86.5 %

Item	H2 2023	H1 2024	Change‬
Revenues	26.76	28.93	8.1 %
Gross Income	13.18	10.15	(23.0 %)
Operating Income	(2.60)	(2.01)	22.8 %
Net Income	(1.23)	(0.54)	55.8 %
Average Shares	3.50	3.50	-
EPS (Riyals)	(0.35)	(0.16)	55.8 %

On the other hand, selling and marketing expenses increased.

Total shareholders’ equity, after minority interest, stood at SAR 38.96 million as of June 30, 2024, compared to SAR 41.03 million a year ago.

Historical Data
Period	Revenue (SAR mln)	Net Profit (SAR mln)	EPS (SAR)
H1 2021	20.97	(1.32)	(0.53)
H2 2022	28.05	2.89	1.16
H1 2022	30.32	4.87	1.39
H2 2022	28.09	(1.77)	(0.50)
H1 2023	25.11	(4.03)	(1.15)
H2 2023	26.76	(1.23)	(0.35)
H1 2024	28.93	(0.54)	(0.16)

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