Knowledge City narrows losses to SAR 2.6 mln in 9M 2021

04/11/2021 Argaam Exclusive

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Knowledge Economic City Co. narrowed its net loss after Zakat and tax to SAR 2.57 million in the first nine months of 2021, from a loss of SAR 22.2 million in the prior-year period.

Knowledge Economic City (KEC) narrowed its net loss after Zakat and tax to SAR 2.6 million in the first nine months of 2021, from SAR 22.2 million in the prior-year period.

The company attributed the decline in losses to higher net other income, due to the liquidation of letter of guarantee from the contractor amounting to SAR 25.8 million, in addition to reversal of provision of significant financing components.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	92.36	33.51	(63.7 %)
Gross Income	18.09	8.68	(52.0 %)
Operating Income	(12.45)	(24.70)	(98.5 %)
Net Income	(22.21)	(2.58)	88.4 %
Average Shares	339.30	339.30	-
EPS (Riyals)	(0.07)	(0.01)	88.4 %

The company reported a net loss after Zakat and tax of SAR 2.5 million for Q3 2021, compared to SAR 15.1 million in the same quarter last year.

On a sequential basis, the company turned to a net loss from a profit of SAR 4.7 million in Q2 2021, on lower other income due to the liquidation of letter of guarantee from the contractor amounting to SAR 10.3 million.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	9.90	1.50	(84.9 %)
Gross Income	1.12	0.08	(93.1 %)
Operating Income	(9.63)	(12.25)	(27.2 %)
Net Income	(15.14)	(2.50)	83.5 %
Average Shares	339.30	339.30	-
EPS (Riyals)	(0.04)	(0.01)	83.5 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	7.39	1.50	(79.8 %)
Gross Income	2.03	0.08	(96.2 %)
Operating Income	(9.18)	(12.25)	(33.4 %)
Net Income	4.69	(2.50)	(153.4 %)
Average Shares	339.30	339.30	-
EPS (Riyals)	0.01	(0.01)	(153.4 %)

Accumulated losses stood at SAR 297.14 million as of Sept. 30, 2021, representing 0.88% of the company’s SAR 3.393 billion capital.

Shareholders’ equity fell to SAR 3.095 billion as of Sept. 30, from SAR 3.102 billion in the same period last year.

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