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.
Item | 9m 2023 | 9m 2024 | Change |
---|---|---|---|
Revenues | 62.81 | 45.97 | (26.8 %) |
Gross Income | 23.07 | 9.80 | (57.5 %) |
Operating Income | (21.21) | (46.06) | (117.2 %) |
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.
Item | Q3 2023 | Q3 2024 | Change |
---|---|---|---|
Revenues | 10.68 | 34.86 | 226.3 % |
Gross Income | 3.40 | 6.42 | 89.1 % |
Operating Income | (11.75) | (12.60) | (7.3 %) |
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 | (20.61) | (12.60) | 38.9 % |
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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