Knowledge City cuts H1 2023 loss to SAR 10.6 mln; Q2 at SAR 1.5 mln

13/08/2023 Argaam Exclusive

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Knowledge Economic City (KEC) trimmed H1 2023 net loss to SAR 10.6 million from SAR 15.4 million in the year-earlier period, driven by higher sales and improved gross profit ratios.

Financials (M)

Item	6m 2022	6m 2023	Change‬
Revenues	29.42	52.13	77.2 %
Gross Income	9.39	19.68	109.5 %
Operating Income	(17.94)	(9.09)	49.3 %
Net Income	(15.37)	(10.60)	31.0 %
Average Shares	339.30	339.30	-
EPS (Riyals)	(0.05)	(0.03)	31.0 %

KEC also narrowed Q2 2023 loss to SAR 1.5 million from SAR 8.6 million in the year-earlier period on higher sales and improved gross profit ratios.

On a sequential basis, Q2 2023 net loss fell by 83.3% from SAR 9 million in Q1 2023.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2022	Q2 2023	Change‬
Revenues	13.69	34.07	148.9 %
Gross Income	4.51	13.11	190.7 %
Operating Income	(10.28)	(2.15)	79.0 %
Net Income	(8.64)	(1.52)	82.4 %
Average Shares	339.30	339.30	-
EPS (Riyals)	(0.03)	0.00	82.4 %

Item	Q1 2023	Q2 2023	Change‬
Revenues	18.05	34.07	88.8 %
Gross Income	6.57	13.11	99.5 %
Operating Income	(6.93)	(2.15)	68.9 %
Net Income	(9.08)	(1.52)	83.3 %
Average Shares	339.30	339.30	-
EPS (Riyals)	(0.03)	0.00	83.3 %

Total shareholders’ equity, excluding minority interest, stood at SAR 3.04 billion by the end of H1 2023, compared to SAR 3.06 billion in the year-earlier period.

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