Knowledge EC losses widen in 9M 2024 to SAR 47.6M; Q3 at SAR 8.9M

05/11/2024 Argaam Exclusive

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Knowledge Economic City Co. reported a net loss of SAR 47.6 million for the first nine months of 2024, compared to a loss of SAR 23.9 million a year earlier.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	62.81	45.97	(26.8 %)
Gross Income	23.07	9.80	(57.5 %)
Operating Income	(23.18)	(53.55)	(131.0 %)
Net Income	(23.88)	(47.62)	(99.4 %)
Average Shares	339.30	339.30	-
EPS (Riyals)	(0.07)	(0.14)	(99.4 %)

The losses were attributed to a decrease in sales as units of a new residential project went on sale starting August 2024. Moreover, the company reported an increase in operating expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	10.68	34.86	226.3 %
Gross Income	3.40	6.42	89.1 %
Operating Income	(14.09)	(15.67)	(11.2 %)
Net Income	(13.28)	(8.93)	32.8 %
Average Shares	339.30	339.30	-
EPS (Riyals)	(0.04)	(0.03)	32.8 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	3.59	34.86	870.1 %
Gross Income	0.89	6.42	624.9 %
Operating Income	(21.43)	(15.67)	26.9 %
Net Income	(25.11)	(8.93)	64.5 %
Average Shares	339.30	339.30	-
EPS (Riyals)	(0.07)	(0.03)	64.5 %

The company narrowed losses to SAR 8.9 million in Q3 2024, from SAR 13.3 million in Q3 2023, on higher sales.

Sequentially, Knowledge EC trimmed losses from SAR 25.11 million in Q2 2024.

Total shareholders’ equity, after minority interest, fell to SAR 2.95 billion as of Sept. 30, 2024, from SAR 3.04 billion a year earlier.

Accumulated losses stood at SAR 430.54 million at the end of the nine-month period representing 13% of capital.

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