Knowledge City widens H1 2022 losses to SAR 15.4 mln; Q2 loss at SAR 8.6 mln

23/08/2022 Argaam Exclusive

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Knowledge Economic City (KEC) widened H1 2022 net losses to SAR 15.4 million, from SAR 71,000 in the year-earlier period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	32.02	29.42	(8.1 %)
Gross Income	8.60	9.39	9.2 %
Operating Income	(12.46)	(17.94)	(44.0 %)
Net Income	(0.07)	(15.37)	(21,244.0 %)
Average Shares	339.30	339.30	-
EPS (Riyals)	0.00	(0.05)	(21,244.0 %)

This was triggered by higher other income in Q2 2021, resulting from SAR 15.5 million in revenue from liquidating a contractor’s letter of guarantee. In addition, Q2 2022 was also impacted with the expenses pertaining to the ongoing projects.

KEC swung to SAR 8.6 in net losses in Q2 2022 from SAR 4.69 million in net profit in a year-earlier period.

On a sequential basis, net losses deepened by 28.4% from SAR 6.73 million in Q1 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	7.39	13.69	85.4 %
Gross Income	2.03	4.51	122.6 %
Operating Income	(9.18)	(10.28)	(12.0 %)
Net Income	4.69	(8.64)	(284.4 %)
Average Shares	339.30	339.30	-
EPS (Riyals)	0.01	(0.03)	(284.4 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	15.73	13.69	(13.0 %)
Gross Income	4.88	4.51	(7.7 %)
Operating Income	(7.65)	(10.28)	(34.4 %)
Net Income	(6.73)	(8.64)	(28.4 %)
Average Shares	339.30	339.30	-
EPS (Riyals)	(0.02)	(0.03)	(28.4 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 3.060 billion by the end of H1 2022, compared to SAR 3.098 billion in the year-earlier period.

Accumulated losses reached SAR 332.246 million by the end of H1 2022, or 9.79% of capital.

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