Knowledge Economic City (KEC) reported a net profit of SAR 18.15 million for the fiscal year (FY) 2019 from a net loss of SAR 39.33 million a year earlier.
| Item | 2018 | 2019 | Change |
|---|---|---|---|
| Revenues | 71.12 | 151.76 | 113.4 % |
| Gross Income | 13.26 | 46.36 | 249.6 % |
| Operating Income | (37.62) | 4.49 | 111.9 % |
| Net Income | (37.95) | 18.16 | 147.9 % |
| Average Shares | 339.30 | 339.30 | - |
| EPS (Riyals) | (0.11) | 0.05 | 147.9 % |
The profit increase is attributed to higher operating revenue related to sold units and land, the company said in a bourse statement.
The developer also cited the fair revaluation of its stake in an affiliate after the full acquisition as a reason for realizing a net profit in FY2019.
In Q4 2019, KEC narrowed down its losses by 67.4% to SAR 1.47 million.
| Item | Q4 2018 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 33.46 | 26.58 | (20.5 %) |
| Gross Income | 8.59 | 4.35 | (49.4 %) |
| Operating Income | (4.28) | (4.89) | (14.3 %) |
| Net Income | (3.14) | (1.45) | 53.8 % |
| Average Shares | 339.30 | 339.30 | - |
| EPS (Riyals) | (0.01) | 0.00 | 53.8 % |
| Item | Q3 2019 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 17.16 | 26.58 | 54.9 % |
| Gross Income | 4.72 | 4.35 | (7.9 %) |
| Operating Income | (4.19) | (4.89) | (16.7 %) |
| Net Income | (5.43) | (1.45) | 73.3 % |
| Average Shares | 339.30 | 339.30 | - |
| EPS (Riyals) | (0.02) | 0.00 | 73.3 % |
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