Financial Results : Knowledge City deepens losses to SAR 6.7 mln in Q1 2022

Knowledge City deepens losses to SAR 6.7 mln in Q1 2022

22/05/2022 Argaam Exclusive

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Knowledge Economic City Co. (KEC) widened net losses after Zakat and tax to SAR 6.7 million for the first quarter of 2022, from SAR 4.6 million a year earlier. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 24.63 15.73 (36.1 %)
Gross Income 6.57 4.88 (25.7 %)
Operating Income (3.28) (7.65) (133.4 %)
Net Income (4.76) (6.73) (41.5 %)
Average Shares 339.30 339.30 -
EPS (Riyals) (0.01) (0.02) (41.5 %)

The higher losses were attributed to a decline in revenue in the current quarter. Gross profit also decreased by SAR 1.7 million year on year (YoY), as the Q1 2021 revenue included the sales generated from selling most residential units that belong to one of the group’s income-generating projects.

 

However, the group also started the sale of a new residential project "Townhouse" from December 2021, which will have positive impact on its revenue for the upcoming periods.

 

The group also cited the commencement of construction at two KEC Hub and Madinah Gate projects, which resulted in higher operating expenses (OPEX).

Compared to Q4 2021, the company trimmed net losses after Zakat and tax by 65.5% from SAR 19.5 million, thanks to a decline in OPEX from the KEC Hub and Madinah Gate projects.

 

Shareholders’ equity, after minority interest, edged down 0.7 % to SAR 3.069 billion by the end of Q1 2022, from SAR 3.093 billion in the year-ago period.

 

Accumulated losses came in at SAR 323.606 million by the end of the three-month period, accounting for 9.54% of the company’s capital.

 

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