Knowledge City widens H1 2024 loss to SAR 38.7M; Q2 at SAR 25.1M

25/07/2024 Argaam Exclusive

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Knowledge Economic City’s (KEC) net losses widened to SAR 38.7 million in H1 2024 from SAR 11.9 million in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	52.13	11.11	(78.7 %)
Gross Income	19.68	3.38	(82.8 %)
Operating Income	(9.09)	(37.88)	(316.9 %)
Net Income	(10.60)	(38.70)	(265.1 %)
Average Shares	339.30	339.30	-
EPS (Riyals)	(0.03)	(0.11)	(265.1 %)

This was attributed to weak sales compared with a year earlier on completing the sale of all units available for sale related to one of the company's projects. The company also cited higher operating expenses.

Net losses also deepened in Q2 2024 to SAR 25.1 million from SAR 1.5 million in the year-earlier period, mainly due to lower sales and higher operating expenses.

On a sequential basis, Q2 2024 net loss grew by 84.9% from SAR 13.5 million in Q1 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	34.07	3.59	(89.5 %)
Gross Income	13.11	0.89	(93.2 %)
Operating Income	(2.15)	(21.43)	(894.3 %)
Net Income	(1.52)	(25.11)	(1,553.8 %)
Average Shares	339.30	339.30	-
EPS (Riyals)	0.00	(0.07)	(1,553.8 %)

Item	Q1 2024	Q2 2024	Change‬
Revenues	7.52	3.59	(52.2 %)
Gross Income	2.49	0.89	(64.4 %)
Operating Income	(16.46)	(21.43)	(30.2 %)
Net Income	(13.58)	(25.11)	(84.9 %)
Average Shares	339.30	339.30	-
EPS (Riyals)	(0.04)	(0.07)	(84.9 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 2.97 billion by the end of H1 2024, compared to SAR 3.04 billion in the year-earlier period.

Accumulated losses at the end of H1 2024 amounted to SAR 421.61 million, representing 12% of the company’s capital.

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