KEC turns to profit of SAR 18 mln in FY2019

02/03/2020 Argaam Exclusive

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Knowledge Economic City (KEC) reported a net profit of SAR 18.15 million for the fiscal year (FY) 2019 from a net loss of SAR 39.33 million a year earlier.

Financials (M)

Item	2018	2019	Change‬
Revenues	71.12	151.76	113.4 %
Gross Income	13.26	46.36	249.6 %
Operating Income	(37.62)	4.49	111.9 %
Net Income	(37.95)	18.16	147.9 %
Average Shares	339.30	339.30	-
EPS (Riyals)	(0.11)	0.05	147.9 %

The profit increase is attributed to higher operating revenue related to sold units and land, the company said in a bourse statement.

The developer also cited the fair revaluation of its stake in an affiliate after the full acquisition as a reason for realizing a net profit in FY2019.

In Q4 2019, KEC narrowed down its losses by 67.4% to SAR 1.47 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	33.46	26.58	(20.5 %)
Gross Income	8.59	4.35	(49.4 %)
Operating Income	(4.28)	(4.89)	(14.3 %)
Net Income	(3.14)	(1.45)	53.8 %
Average Shares	339.30	339.30	-
EPS (Riyals)	(0.01)	0.00	53.8 %

Item	Q3 2019	Q4 2019	Change‬
Revenues	17.16	26.58	54.9 %
Gross Income	4.72	4.35	(7.9 %)
Operating Income	(4.19)	(4.89)	(16.7 %)
Net Income	(5.43)	(1.45)	73.3 %
Average Shares	339.30	339.30	-
EPS (Riyals)	(0.02)	0.00	73.3 %

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