Knowledge Economic City Co. (KEC) reported a net loss after Zakat and tax of SAR 25.7 million for 2020 from a net profit after Zakat and tax of SAR 18.2 million in 2019.
The company attributed the losses to lower revenue, gains in 2019 from the re-measurement to fair value of a pre-existing interest in a joint venture and land sale.
| Item | 2019 | 2020 | Change |
|---|---|---|---|
| Revenues | 151.76 | 112.94 | (25.6 %) |
| Gross Income | 46.36 | 24.54 | (47.1 %) |
| Operating Income | 4.49 | (16.26) | (462.2 %) |
| Net Income | 18.16 | (25.72) | (241.6 %) |
| Average Shares | 339.30 | 339.30 | - |
| EPS (Riyals) | 0.05 | (0.08) | (241.6 %) |
The company widened net loss after Zakat and tax to SAR 3.5 million for Q4 2020, compared to SAR 1.5 million in the year-earlier.
| Item | Q4 2019 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 26.58 | 20.58 | (22.6 %) |
| Gross Income | 4.35 | 6.45 | 48.2 % |
| Operating Income | (4.89) | (3.81) | 22.1 % |
| Net Income | (1.45) | (3.51) | (142.0 %) |
| Average Shares | 339.30 | 339.30 | - |
| EPS (Riyals) | 0.00 | (0.01) | (142.0 %) |
| Item | Q3 2020 | Q4 2020 | Change |
|---|---|---|---|
| Revenues | 9.90 | 20.58 | 108.0 % |
| Gross Income | 1.12 | 6.45 | 476.2 % |
| Operating Income | (9.63) | (3.81) | 60.4 % |
| Net Income | (15.14) | (3.51) | 76.8 % |
| Average Shares | 339.30 | 339.30 | - |
| EPS (Riyals) | (0.04) | (0.01) | 76.8 % |
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