Knowledge EC expands 9M losses to SAR 23.9 mln; Q3 at SAR 13.3 mln

06/11/2023 Argaam Exclusive

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Knowledge Economic City Co. reported a net loss of SAR 23.9 million for the first nine months of 2023, compared to a loss of SAR 10.7 million a year earlier.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	39.58	62.81	58.7 %
Gross Income	13.09	23.07	76.3 %
Operating Income	(26.94)	(23.18)	14.0 %
Net Income	(10.74)	(23.88)	(122.4 %)
Average Shares	339.30	339.30	-
EPS (Riyals)	(0.03)	(0.07)	(122.4 %)

The losses deepened as a gain from fair value measurement of derivative instrument, amounting to SAR 11.8 million, was recorded as a one-time income in 9M 2022.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	10.16	10.68	5.2 %
Gross Income	3.70	3.40	(8.1 %)
Operating Income	(9.01)	(14.09)	(56.4 %)
Net Income	4.63	(13.28)	(386.8 %)
Average Shares	339.30	339.30	-
EPS (Riyals)	0.01	(0.04)	(386.8 %)

Item	Q2 2023	Q3 2023	Change‬
Revenues	34.07	10.68	(68.6 %)
Gross Income	13.11	3.40	(74.1 %)
Operating Income	(2.15)	(14.09)	(553.9 %)
Net Income	(1.52)	(13.28)	(774.6 %)
Average Shares	339.30	339.30	-
EPS (Riyals)	0.00	(0.04)	(774.6 %)

The company turned to a loss of SAR 13.3 million in Q3 2023, against a profit of SAR 4.63 million in Q3 2022, also due to recording a one-time income in the previous period.

Sequentially, Knowledge EC widened losses from SAR 1.52 million in Q2 2023 on lower sales.

Total shareholders’ equity, after minority interest, fell to SAR 3.04 billion as of Sept. 30, 2023, from SAR 3.06 billion a year earlier.

Accumulated losses stood at SAR 359.91 million at the end of the nine-month period representing 10.6% of capital.

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