Knowledge Economic City (Knowledge City) widened net losses after Zakat and tax to SAR 10.7 million in the first nine months of 2022, from SAR 2.6 million in the year-earlier period.
The company widened its net loss due to other income resulting from liquidation of a letter of guarantee of a contractor amounting to SAR 25.8 million. This came despite the increase in gross profit due to higher sales.
Item | 9m 2021 | 9m 2022 | Change |
---|---|---|---|
Revenues | 33.51 | 39.58 | 18.1 % |
Gross Income | 8.68 | 13.09 | 50.9 % |
Operating Income | (24.70) | (26.94) | (9.1 %) |
Net Income | (2.58) | (10.74) | (317.0 %) |
Average Shares | 339.30 | 339.30 | - |
EPS (Riyals) | (0.01) | (0.03) | (317.0 %) |
In Q3 2022, the company turned to a net profit after Zakat and tax of SAR 4.6 million, against a net loss after Zakat and tax of SAR 2.5 million in Q3 2021, on higher sales and realizing income from derivative instruments.
Compared to Q2 2022, Knowledge City turned to profit against a loss of SAR 8.6 million.
Item | Q3 2021 | Q3 2022 | Change |
---|---|---|---|
Revenues | 1.50 | 10.16 | 579.3 % |
Gross Income | 0.08 | 3.70 | 4701.3 % |
Operating Income | (12.25) | (9.01) | 26.5 % |
Net Income | (2.50) | 4.63 | 285.0 % |
Average Shares | 339.30 | 339.30 | - |
EPS (Riyals) | (0.01) | 0.01 | 285.0 % |
Item | Q2 2022 | Q3 2022 | Change |
---|---|---|---|
Revenues | 13.69 | 10.16 | (25.8 %) |
Gross Income | 4.51 | 3.70 | (18.0 %) |
Operating Income | (10.28) | (9.01) | 12.4 % |
Net Income | (8.64) | 4.63 | 153.6 % |
Average Shares | 339.30 | 339.30 | - |
EPS (Riyals) | (0.03) | 0.01 | 153.6 % |
Total shareholders’ equity, excluding minority interest, dropped to SAR 3.065 billion as of Sept. 30, 2022, from SAR 3.096 billion a year earlier.
Accumulated losses stood at SAR 327.615 million by the end of the nine-month period, representing 9.66% of the company’s capital.
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