Knowledge City widens losses to SAR 45.6M in 2023, SAR 21.7M in Q4

18/03/2024 Argaam Exclusive

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Knowledge Economic City (KEC) widened its net loss to SAR 45.6 million in 2023, from SAR 19.4 million a year ago, hurt by the year-on-year (YoY) uptick in operating expenses for the year.

Financials (M)

Item	2022	2023	Change‬
Revenues	56.69	66.86	17.9 %
Gross Income	18.02	22.73	26.1 %
Operating Income	(39.26)	(44.29)	(12.8 %)
Net Income	(19.39)	(45.56)	(135.0 %)
Average Shares	339.30	339.30	-
EPS (Riyals)	(0.06)	(0.13)	(135.0 %)

This was offset by the YoY hike in sales on increased sales of residential units of one of the company’s projects, which resulted in higher gross profit.

In Q4 2023, the company more than doubled its losses to SAR 21.7 million, compared to SAR 8.65 million in the prior-year period.

Sequentially, net losses also soared from SAR 13.28 million in Q3 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	17.11	4.05	(76.3 %)
Gross Income	4.93	(0.35)	(107.0 %)
Operating Income	(12.32)	(21.11)	(71.3 %)
Net Income	(8.65)	(21.68)	(150.6 %)
Average Shares	339.30	339.30	-
EPS (Riyals)	(0.03)	(0.06)	(150.6 %)

Item	Q3 2023	Q4 2023	Change‬
Revenues	10.68	4.05	(62.1 %)
Gross Income	3.40	(0.35)	(110.2 %)
Operating Income	(14.09)	(21.11)	(49.8 %)
Net Income	(13.28)	(21.68)	(63.2 %)
Average Shares	339.30	339.30	-
EPS (Riyals)	(0.04)	(0.06)	(63.2 %)

Total shareholders’ equity, after minority interest, slumped to SAR 3.00 billion by the end of Dec. 31, 2023, from SAR 3.05 billion in the corresponding period a year ago.

By the end of the same period, accumulated losses amounted to SAR 382.92 million, or 11.29% of capital.

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