Financial Results : Knowledge City widens Q1 2023 loss to SAR 9.1 mln

Knowledge City widens Q1 2023 loss to SAR 9.1 mln

22/05/2023 Argaam Exclusive

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Knowledge Economic City (KEC) slid to a deeper loss of SAR 9.1 million in Q1 2023, from SAR 6.7 million in the year-earlier period on higher operating expenses (OpEx).



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 15.73 18.05 14.8 %
Gross Income 4.88 6.57 34.5 %
Operating Income (7.65) (6.93) 9.4 %
Net Income (6.73) (9.08) (35.0 %)
Average Shares 339.30 339.30 -
EPS (Riyals) (0.02) (0.03) (35.0 %)

Net loss also widened by 5% from SAR 8.6 million in Q4 2022, despite a modest increase in sales on a quarterly and annual basis.

 

Shareholders’ equity, after minority interest, declined to SAR 3.04 billion as of March 31, 2023, compared to SAR 3.06 billion in the year-earlier period.

 

Accumulated losses stood at SAR 345.11 million as of Q1 2023, accounting for 10.17% of the company’s capital.

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