Knowledge City turns to SAR 7.1 mln loss in H1 2020

25/08/2020 Argaam Exclusive

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Knowledge Economic City turned to a net loss after Zakat and tax of SAR 7.1 million for H1 2020, versus a net profit of SAR 25 million a year earlier.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	108.02	82.46	(23.7 %)
Gross Income	37.29	16.97	(54.5 %)
Operating Income	13.57	(2.82)	(120.8 %)
Net Income	25.05	(7.08)	(128.3 %)
Average Shares	339.30	339.30	-
EPS (Riyals)	0.07	(0.02)	(128.3 %)

The developer cited lower revenue and disposal of subsidiary in the previous period.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	27.75	58.99	112.6 %
Gross Income	6.34	12.89	103.3 %
Operating Income	(6.19)	3.53	157.0 %
Net Income	5.48	(0.32)	(105.9 %)
Average Shares	339.30	339.30	-
EPS (Riyals)	0.02	0.00	(105.9 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	23.19	58.99	154.4 %
Gross Income	5.06	12.89	154.6 %
Operating Income	(5.37)	3.53	165.7 %
Net Income	(6.76)	(0.32)	95.2 %
Average Shares	339.30	339.30	-
EPS (Riyals)	(0.02)	0.00	95.2 %

In Q2 2020, the company swung to a net loss after Zakat and tax of SAR 324,000 versus net profit of SAR 5.4 million in the same period last year. The decrease in quarterly profit was driven by the disposal of subsidiary in the previous quarter.

When compared to the previous quarter, net loss decreased due to higher revenue.

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