Knowledge Economic City (KEC) widened its net loss to SAR 45.6 million in 2023, from SAR 19.4 million a year ago, hurt by the year-on-year (YoY) uptick in operating expenses for the year.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 56.69 | 66.86 | 17.9 % |
| Gross Income | 18.02 | 22.73 | 26.1 % |
| Operating Income | (39.26) | (44.29) | (12.8 %) |
| Net Income | (19.39) | (45.56) | (135.0 %) |
| Average Shares | 339.30 | 339.30 | - |
| EPS (Riyals) | (0.06) | (0.13) | (135.0 %) |
This was offset by the YoY hike in sales on increased sales of residential units of one of the company’s projects, which resulted in higher gross profit.
In Q4 2023, the company more than doubled its losses to SAR 21.7 million, compared to SAR 8.65 million in the prior-year period.
Sequentially, net losses also soared from SAR 13.28 million in Q3 2023.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 17.11 | 4.05 | (76.3 %) |
| Gross Income | 4.93 | (0.35) | (107.0 %) |
| Operating Income | (12.32) | (21.11) | (71.3 %) |
| Net Income | (8.65) | (21.68) | (150.6 %) |
| Average Shares | 339.30 | 339.30 | - |
| EPS (Riyals) | (0.03) | (0.06) | (150.6 %) |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 10.68 | 4.05 | (62.1 %) |
| Gross Income | 3.40 | (0.35) | (110.2 %) |
| Operating Income | (14.09) | (21.11) | (49.8 %) |
| Net Income | (13.28) | (21.68) | (63.2 %) |
| Average Shares | 339.30 | 339.30 | - |
| EPS (Riyals) | (0.04) | (0.06) | (63.2 %) |
Total shareholders’ equity, after minority interest, slumped to SAR 3.00 billion by the end of Dec. 31, 2023, from SAR 3.05 billion in the corresponding period a year ago.
By the end of the same period, accumulated losses amounted to SAR 382.92 million, or 11.29% of capital.
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