Financial Results : KnowledgeNet cuts H1 2024 net losses to SAR 544,000

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 %

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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