KnowledgeNet’s board proposes dividend freeze for 2023

21/05/2024 Argaam
Logo ofKnowledge Net Co.

Logo of Knowledge Net Co.

KnowledgeNet Co.’s board of directors recommended on May 20 withholding dividends for 2023, according to a statement to Tadawul.

 

The company explained that it faced material challenges that weighed on its 2023 financial results, resulting in SAR 5.56 million in losses.

 

The board cited an increase in operating expenses to SAR 4.29 million as a result of the company's strategic investments in some subsidiaries that are still in the early stages of operation and have not yet generated revenue.

 

The company also incurred nonrecurring expenses of SAR 935,780 related to its share listing on the Nomu-Parallel Market.

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