Knowledge City turns to net loss of SAR 22.2 mln in 9M 2020

02/11/2020 Argaam Exclusive

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Knowledge Economic City Co. reported a net loss after Zakat and tax of SAR 22.2 million for the first nine months of 2020, compared to a profit of SAR 19.7 million in the same period last year.

The company attributed the losses to lower revenue this period and realizing gain on disposal of subsidiary in the previous period of last year.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	125.18	92.36	(26.2 %)
Gross Income	42.01	18.09	(56.9 %)
Operating Income	9.38	(12.45)	(232.7 %)
Net Income	19.61	(22.21)	(213.3 %)
Average Shares	339.30	339.30	-
EPS (Riyals)	0.06	(0.07)	(213.3 %)

The company reported a net loss of SAR 15.1 million for Q3 2020, from a loss of SAR 5.4 million in Q3 2019 on lower revenue.

The company said that its accumulated losses reached SAR 290.76 million representing 8.57% of its SAR 3.393 billion capital.

On a sequential basis, Q3 2020 loss widened when compared to a net loss of SAR 324,000 in Q2 2020 on lower revenues.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	17.16	9.90	(42.3 %)
Gross Income	4.72	1.12	(76.3 %)
Operating Income	(4.19)	(9.63)	(129.8 %)
Net Income	(5.43)	(15.14)	(178.7 %)
Average Shares	339.30	339.30	-
EPS (Riyals)	(0.02)	(0.04)	(178.7 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	58.99	9.90	(83.2 %)
Gross Income	12.89	1.12	(91.3 %)
Operating Income	3.53	(9.63)	(372.6 %)
Net Income	(0.32)	(15.14)	(4,572.2 %)
Average Shares	339.30	339.30	-
EPS (Riyals)	0.00	(0.04)	(4,572.2 %)

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