KEC narrows 2022 net loss to SAR 19.4 mln, Q4 loss at SAR 8.7 mln

29/03/2023 Argaam Exclusive

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Knowledge Economic City (KEC) trimmed 2022 net loss to SAR 19.4 million, from SAR 22.1 million a year earlier.

Financials (M)

Item	2021	2022	Change‬
Revenues	42.45	56.69	33.5 %
Gross Income	10.47	18.02	72.1 %
Operating Income	(46.13)	(39.26)	14.9 %
Net Income	(22.09)	(19.39)	12.2 %
Average Shares	339.30	339.30	-
EPS (Riyals)	(0.07)	(0.06)	12.2 %

This was fostered by higher sales, increased gross profit, in addition to generating SAR 14.6 million income from a derivative instrument.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2021	Q4 2022	Change‬
Revenues	8.94	17.11	91.3 %
Gross Income	1.80	4.93	174.6 %
Operating Income	(21.43)	(12.32)	42.5 %
Net Income	(19.51)	(8.65)	55.7 %
Average Shares	339.30	339.30	-
EPS (Riyals)	(0.06)	(0.03)	55.7 %

Item	Q3 2022	Q4 2022	Change‬
Revenues	10.16	17.11	68.5 %
Gross Income	3.70	4.93	33.4 %
Operating Income	(9.01)	(12.32)	(36.8 %)
Net Income	4.63	(8.65)	(286.8 %)
Average Shares	339.30	339.30	-
EPS (Riyals)	0.01	(0.03)	(286.8 %)

Q4 2022 net loss shrank to SAR 8.7 million, from SAR 19.5 million in the prior-year period.

On a sequential basis, KEC turned to losses from SAR 4.63 million net profit in Q3 2022.

Shareholders’ equity, excluding minority interest, reached SAR 3.05 billion as of Dec. 31, 2022, compared to SAR 3.07 billion a year earlier.

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