Financial Results : Knowledge City’s loss widens to SAR 13.6M in Q1 2024

Knowledge City’s loss widens to SAR 13.6M in Q1 2024

16/05/2024 Argaam Exclusive

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Knowledge Economic City (KEC) deepened net losses by 49.6% to SAR 13.6 million in Q1 2024, from SAR 9 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 18.05 7.52 (58.4 %)
Gross Income 6.57 2.49 (62.1 %)
Operating Income (6.93) (16.46) (137.4 %)
Net Income (9.08) (13.58) (49.6 %)
Average Shares 339.30 339.30 -
EPS (Riyals) (0.03) (0.04) (49.6 %)

The company posted a decline in sales on a yearly basis in Q1 2024. Additionally, KEC sold out all units available for sale at one of its projects.

 

Sales also slumped in Q1 2024, compared to the year-earlier period. In addition, the company reported higher operating expenses (OpEx) during the same quarter.

 

On a quarterly basis, KEC narrowed net losses by 37.3% from SAR 21.6 million in Q4 2023, thanks to the marginal quarter-on-quarter (QoQ) rise in the first-quarter sales. OpEx also decreased sequentially during the three-month period.

 

Total shareholders’ equity, after minority interest, came in at SAR 3 billion as of March 31, 2024, slightly down from SAR 3.04 billion in the prior-year period.

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