KEC trims net loss to SAR 71,000 in H1 2021

22/08/2021 Argaam Exclusive

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Knowledge Economic City (KEC) narrowed net loss after Zakat and tax to SAR 71,000 in H1 2021, compared to SAR 7.1 million in prior-year period, driven by higher other income, offset by decreased gross profit.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	82.46	32.02	(61.2 %)
Gross Income	16.97	8.60	(49.3 %)
Operating Income	(2.82)	(12.46)	(342.2 %)
Net Income	(7.08)	(0.07)	99.0 %
Average Shares	339.30	339.30	-
EPS (Riyals)	(0.02)	0.00	99.0 %

KEC reported net profit after Zakat and tax of SAR 4.7 million in Q2 2021, versus net loss of SAR 324,000 in year-earlier period, on higher other income due to liquidating a letter of guarantee at SAR 15.5 million.

On a quarterly basis, the company swung to profit in Q2 2021, versus net loss of SAR 4.75 million in Q1 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	58.99	7.39	(87.5 %)
Gross Income	12.89	2.03	(84.3 %)
Operating Income	3.53	(9.18)	(359.9 %)
Net Income	(0.32)	4.69	1546.0 %
Average Shares	339.30	339.30	-
EPS (Riyals)	0.00	0.01	1546.0 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	24.63	7.39	(70.0 %)
Gross Income	6.57	2.03	(69.2 %)
Operating Income	(3.28)	(9.18)	(180.0 %)
Net Income	(4.76)	4.69	198.5 %
Average Shares	339.30	339.30	-
EPS (Riyals)	(0.01)	0.01	198.5 %

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