Knowledge EC widens losses in FY 2018

21/03/2019 Argaam Exclusive

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Share Price

Knowledge Economic City (KEC)

Knowledge Economic City Co. reported a net loss of SAR 37.95 million for the fiscal year 2018 compared to a loss of SAR 18.69 million for the year before on higher general & administration expenses and loss from subsidiaries.

Financials (M)

Item	2017	2018	Change‬
Revenues	23.88	71.12	197.9 %
Gross Income	5.45	13.26	143.5 %
Operating Income	(27.75)	(37.62)	(35.6 %)
Net Income	(18.69)	(37.95)	(103.1 %)
Average Shares	339.30	339.30	-
EPS (Riyals)	(0.06)	(0.11)	(103.1 %)

Current Quarter Comparison (M)

Compared With The

Item	Q4 2017	Q4 2018	Change‬
Revenues	2.58	33.46	1196.2 %
Gross Income	5.17	8.59	66.1 %
Operating Income	1.37	(4.28)	(411.9 %)
Net Income	9.11	(3.14)	(134.5 %)
Average Shares	339.30	339.30	-
EPS (Riyals)	0.03	(0.01)	(134.5 %)

Item	Q3 2018	Q4 2018	Change‬
Revenues	14.77	33.46	126.5 %
Gross Income	2.94	8.59	192.4 %
Operating Income	(13.17)	(4.28)	67.5 %
Net Income	(12.47)	(3.14)	74.8 %
Average Shares	339.30	339.30	-
EPS (Riyals)	(0.04)	(0.01)	74.8 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2009	-	-	-	-	-	-	-
Q2 2009	-	-	-	-	-	-	-
Q3 2009	-	-	-	-	-	-	-
Q4 2009	-	-	-	-	-	-	-
2009	-	-	-	-	-	-	-
Q1 2010	-	-	-	-	-	-	-
Q2 2010	-	-	-	-	-	-	-
Q3 2010	-	-	-	-	-	-	-
Q4 2010	-	-	-	-	-	-	-
2010	-	-	-	-	(145.63)	-	(0.43)
Q1 2011	86.22	-	63.38	-	20.19	-	0.06
Q2 2011	-	-	-	-	(9.28)	-	(0.03)
Q3 2011	-	-	-	-	(9.96)	-	(0.03)
Q4 2011	7.72	-	3.13	-	(10.08)	-	(0.03)
2011	93.94	-	66.50	-	(9.13)	93.7 %	(0.03)
Q1 2012	4.02	(95.3 %)	1.79	(97.2 %)	(8.33)	(141.3 %)	(0.02)
Q2 2012	26.52	-	16.79	-	(0.78)	91.6 %	0.00
Q3 2012	57.04	-	40.04	-	9.69	197.3 %	0.03
Q4 2012	5.00	(35.2 %)	(1.68)	(153.7 %)	(26.63)	(164.1 %)	(0.08)
2012	92.58	(1.4 %)	56.94	(14.4 %)	(26.05)	(185.4 %)	(0.08)
Q1 2013	5.99	49.0 %	2.56	43.1 %	(8.14)	2.3 %	(0.02)
Q2 2013	8.88	(66.5 %)	3.52	(79.0 %)	(3.02)	(287.3 %)	(0.01)
Q3 2013	18.92	(66.8 %)	5.12	(87.2 %)	1.72	(82.3 %)	0.01
Q4 2013	4.38	(12.6 %)	(0.33)	80.1 %	9.07	134.1 %	0.03
2013	38.16	(58.8 %)	10.87	(80.9 %)	(0.37)	98.6 %	0.00
Q1 2014	21.67	261.7 %	4.51	75.8 %	(2.49)	69.4 %	(0.01)
Q2 2014	27.56	210.4 %	7.64	117.2 %	15.53	614.7 %	0.05
Q3 2014	12.72	(32.8 %)	4.19	(18.1 %)	15.93	826.8 %	0.05
Q4 2014	10.82	147.3 %	(6.15)	(1,740.7 %)	(57.15)	(730.3 %)	(0.17)
2014	72.76	90.7 %	10.19	(6.2 %)	(28.18)	(7,453.6 %)	(0.08)
Q1 2015	4.11	(81.0 %)	(0.74)	(116.4 %)	(4.81)	(93.2 %)	(0.01)
Q2 2015	10.23	(62.9 %)	4.27	(44.1 %)	(3.11)	(120.0 %)	(0.01)
Q3 2015	7.04	(44.6 %)	2.75	(34.4 %)	(5.74)	(136.1 %)	(0.02)
Q4 2015	9.59	(11.4 %)	(0.74)	87.9 %	2.19	103.8 %	0.01
2015	30.97	(57.4 %)	5.54	(45.6 %)	(11.47)	59.3 %	(0.03)
Q1 2016	5.36	30.5 %	(0.34)	54.3 %	(7.46)	(55.1 %)	(0.02)
Q2 2016	29.90	192.4 %	17.08	299.9 %	8.55	375.1 %	0.03
Q3 2016	4.19	(40.6 %)	(0.29)	(110.4 %)	(9.12)	(58.8 %)	(0.03)
Q4 2016	65.86	587.0 %	40.98	5630.4 %	22.04	906.7 %	0.06
2016	105.31	240.1 %	57.44	936.8 %	14.01	222.1 %	0.04
Q1 2017	8.69	61.9 %	1.69	600.6 %	(6.90)	7.5 %	(0.02)
Q2 2017	8.43	(71.8 %)	0.61	(96.4 %)	(9.20)	(207.6 %)	(0.03)
Q3 2017	4.18	(0.2 %)	(2.03)	(606.3 %)	(11.69)	(28.1 %)	(0.03)
Q4 2017	2.58	(96.1 %)	5.17	(87.4 %)	9.11	(58.7 %)	0.03
2017	23.88	(77.3 %)	5.45	(90.5 %)	(18.69)	(233.4 %)	(0.06)
Q1 2018	7.26	(16.4 %)	(0.91)	(153.8 %)	(13.48)	(95.4 %)	(0.04)
Q2 2018	15.64	85.4 %	2.64	334.5 %	(8.86)	3.7 %	(0.03)
Q3 2018	14.77	253.7 %	2.94	245.0 %	(12.47)	(6.7 %)	(0.04)
Q4 2018	33.46	1196.2 %	8.59	66.1 %	(3.14)	(134.5 %)	(0.01)
2018	71.12	197.9 %	13.26	143.5 %	(37.95)	(103.1 %)	(0.11)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	-	-	-	-	-	-	-
2010	-	-	-	-	(145.63)	-	(0.43)
2011	93.94	-	66.50	-	(9.13)	93.7 %	(0.03)
2012	92.58	(1.4 %)	56.94	(14.4 %)	(26.05)	(185.4 %)	(0.08)
2013	38.16	(58.8 %)	10.87	(80.9 %)	(0.37)	98.6 %	0.00
2014	72.76	90.7 %	10.19	(6.2 %)	(28.18)	(7,453.6 %)	(0.08)
2015	30.97	(57.4 %)	5.54	(45.6 %)	(11.47)	59.3 %	(0.03)
2016	105.31	240.1 %	57.44	936.8 %	14.01	222.1 %	0.04
2017	23.88	(77.3 %)	5.45	(90.5 %)	(18.69)	(233.4 %)	(0.06)
2018	71.12	197.9 %	13.26	143.5 %	(37.95)	(103.1 %)	(0.11)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
2010	-	-	-
Q1 2011	-	-	-
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	70.80 %	23.71 %	(9.72 %)
2011	70.80 %	23.71 %	(9.72 %)
Q1 2012	41.88 %	(309.15 %)	(320.76 %)
Q2 2012	56.72 %	(51.57 %)	(76.18 %)
Q3 2012	64.79 %	22.25 %	(9.97 %)
Q4 2012	61.50 %	8.80 %	(28.13 %)
2012	61.50 %	8.80 %	(28.13 %)
Q1 2013	61.04 %	11.49 %	(27.35 %)
Q2 2013	57.79 %	1.09 %	(36.53 %)
Q3 2013	24.55 %	(72.81 %)	(92.97 %)
Q4 2013	28.48 %	(43.36 %)	(0.97 %)
2013	28.47 %	(43.37 %)	(0.98 %)
Q1 2014	23.79 %	(22.71 %)	9.81 %
Q2 2014	23.35 %	(7.42 %)	32.85 %
Q3 2014	24.13 %	(9.99 %)	57.36 %
Q4 2014	14.01 %	(20.36 %)	0.65 %
2014	14.01 %	(20.36 %)	0.65 %
Q1 2015	8.96 %	(37.39 %)	(3.34 %)
Q2 2015	4.16 %	(62.92 %)	(54.09 %)
Q3 2015	0.41 %	(100.25 %)	(130.94 %)
Q4 2015	17.89 %	(77.46 %)	(37.04 %)
2015	17.89 %	(77.46 %)	(37.04 %)
Q1 2016	18.44 %	(70.62 %)	(43.82 %)
Q2 2016	36.14 %	(23.94 %)	(4.74 %)
Q3 2016	32.05 %	(27.68 %)	(11.91 %)
Q4 2016	54.54 %	16.00 %	13.30 %
2016	54.54 %	16.00 %	13.30 %
Q1 2017	54.74 %	13.76 %	13.41 %
Q2 2017	49.32 %	(2.04 %)	(3.66 %)
Q3 2017	47.33 %	(2.81 %)	(6.60 %)
Q4 2017	22.81 %	(105.79 %)	(129.60 %)
2017	22.81 %	(105.79 %)	(129.60 %)
Q1 2018	12.66 %	(133.23 %)	(167.16 %)
Q2 2018	16.45 %	(95.93 %)	(125.40 %)
Q3 2018	24.46 %	(73.89 %)	(94.33 %)
Q4 2018	18.65 %	(49.88 %)	(53.36 %)
2018	18.65 %	(49.89 %)	(53.37 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	-	-	-
2010	-	-	-
2011	70.80 %	23.71 %	(9.72 %)
2012	61.50 %	8.80 %	(28.13 %)
2013	28.47 %	(43.37 %)	(0.98 %)
2014	14.01 %	(20.36 %)	0.65 %
2015	17.89 %	(77.46 %)	(37.04 %)
2016	54.54 %	16.00 %	13.30 %
2017	22.81 %	(105.79 %)	(129.60 %)
2018	18.65 %	(49.89 %)	(53.37 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	73.51 %	58.58 %	23.42 %
Q2 2011	-	-	-
Q3 2011	-	-	-
Q4 2011	40.50 %	(56.84 %)	(130.66 %)
Q1 2012	44.54 %	(200.25 %)	(207.19 %)
Q2 2012	63.28 %	16.59 %	(2.94 %)
Q3 2012	70.21 %	51.27 %	16.99 %
Q4 2012	(33.52 %)	(348.59 %)	(532.24 %)
Q1 2013	42.77 %	(89.04 %)	(135.85 %)
Q2 2013	39.62 %	(63.40 %)	(33.98 %)
Q3 2013	27.07 %	0.83 %	9.09 %
Q4 2013	(7.63 %)	(131.27 %)	207.25 %
Q1 2014	20.79 %	(4.67 %)	(11.48 %)
Q2 2014	27.72 %	4.43 %	56.35 %
Q3 2014	32.98 %	(8.56 %)	125.29 %
Q4 2014	(56.83 %)	(128.77 %)	(263.45 %)
Q1 2015	(18.00 %)	(166.48 %)	(116.91 %)
Q2 2015	41.76 %	(19.23 %)	(30.39 %)
Q3 2015	39.06 %	(135.47 %)	(81.59 %)
Q4 2015	(7.73 %)	(58.80 %)	22.83 %
Q1 2016	(6.30 %)	(104.61 %)	(139.01 %)
Q2 2016	57.13 %	27.96 %	28.60 %
Q3 2016	(6.86 %)	(255.29 %)	(217.99 %)
Q4 2016	62.22 %	37.63 %	33.46 %
Q1 2017	19.48 %	(86.53 %)	(79.44 %)
Q2 2017	7.21 %	(99.18 %)	(109.13 %)
Q3 2017	(48.54 %)	(271.91 %)	(279.91 %)
Q4 2017	200.43 %	76.60 %	(122.12 %)
Q1 2018	(12.55 %)	(167.63 %)	(185.74 %)
Q2 2018	16.89 %	(44.13 %)	(56.67 %)
Q3 2018	19.90 %	(85.62 %)	(84.42 %)
Q4 2018	25.69 %	(11.25 %)	(9.39 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2009	-	-	-	-
Q2 2009	-	-	-	-
Q3 2009	-	-	-	-
Q4 2009	-	-	-	-
Q1 2010	-	-	-	-
Q2 2010	-	-	-	-
Q3 2010	-	-	-	-
Q4 2010	-	-	-	-
Q1 2011	339.30	-	-	9.54
Q2 2011	339.30	-	-	9.52
Q3 2011	339.30	-	-	9.49
Q4 2011	339.30	(0.03)	(0.03)	9.46
Q1 2012	339.30	(0.11)	(0.11)	9.43
Q2 2012	339.30	(0.09)	(0.09)	9.43
Q3 2012	339.30	(0.03)	(0.03)	9.46
Q4 2012	339.30	(0.08)	(0.08)	9.38
Q1 2013	339.30	(0.08)	(0.08)	9.36
Q2 2013	339.30	(0.08)	(0.08)	9.35
Q3 2013	339.30	(0.11)	(0.11)	9.35
Q4 2013	339.30	0.00	0.00	9.38
Q1 2014	339.30	0.02	0.02	9.37
Q2 2014	339.30	0.07	0.07	9.42
Q3 2014	339.30	0.11	0.11	9.47
Q4 2014	339.30	(0.08)	0.00	9.30
Q1 2015	339.30	(0.09)	(0.01)	9.28
Q2 2015	339.30	(0.14)	(0.06)	9.27
Q3 2015	339.30	(0.21)	(0.12)	9.26
Q4 2015	339.30	(0.03)	(0.03)	9.26
Q1 2016	339.30	(0.04)	(0.04)	9.26
Q2 2016	339.30	(0.01)	(0.01)	9.28
Q3 2016	339.30	(0.02)	(0.02)	9.26
Q4 2016	339.30	0.04	0.04	9.32
Q1 2017	339.30	0.04	0.04	9.30
Q2 2017	339.30	(0.01)	(0.01)	9.27
Q3 2017	339.30	(0.02)	(0.02)	9.24
Q4 2017	339.30	(0.06)	(0.09)	9.26
Q1 2018	339.30	(0.07)	(0.11)	9.22
Q2 2018	339.30	(0.07)	(0.11)	9.20
Q3 2018	339.30	(0.08)	(0.11)	9.16
Q4 2018	339.30	(0.11)	(0.11)	9.15

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	-	-	-	-
2010	339.30	(0.43)	(0.04)	9.48
2011	339.30	(0.03)	(0.03)	9.46
2012	339.30	(0.08)	(0.08)	9.38
2013	339.30	0.00	0.00	9.38
2014	339.30	(0.08)	0.00	9.30
2015	339.30	(0.03)	(0.03)	9.26
2016	339.30	0.04	0.04	9.32
2017	339.30	(0.06)	(0.09)	9.26
2018	339.30	(0.11)	(0.11)	9.15

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2009	-	-	-
Q2 2009	-	-	-
Q3 2009	-	-	-
Q4 2009	-	-	-
Q1 2010	-	-	-
Q2 2010	-	-	-
Q3 2010	-	-	-
Q4 2010	-	-	-
Q1 2011	-	-	0.79
Q2 2011	-	-	0.85
Q3 2011	-	-	0.80
Q4 2011	NEG	NEG	1.16
Q1 2012	NEG	NEG	2.01
Q2 2012	NEG	NEG	1.59
Q3 2012	NEG	NEG	1.52
Q4 2012	NEG	NEG	1.34
Q1 2013	NEG	NEG	1.55
Q2 2013	NEG	NEG	1.51
Q3 2013	NEG	NEG	1.59
Q4 2013	NEG	NEG	1.89
Q1 2014	More than 50	More than 50	2.26
Q2 2014	More than 50	More than 50	2.17
Q3 2014	More than 50	More than 50	2.54
Q4 2014	NEG	More than 50	1.82
Q1 2015	NEG	NEG	2.47
Q2 2015	NEG	NEG	2.94
Q3 2015	NEG	NEG	1.80
Q4 2015	NEG	NEG	1.67
Q1 2016	NEG	NEG	1.47
Q2 2016	NEG	NEG	1.56
Q3 2016	NEG	NEG	1.35
Q4 2016	More than 50	More than 50	1.94
Q1 2017	More than 50	More than 50	1.88
Q2 2017	NEG	NEG	1.69
Q3 2017	NEG	NEG	1.57
Q4 2017	NEG	NEG	1.38
Q1 2018	NEG	NEG	1.30
Q2 2018	NEG	NEG	1.25
Q3 2018	NEG	NEG	1.24
Q4 2018	NEG	NEG	0.99

Period	P/E	Adjusted P/E	Price/book
2009	-	-	-
2010	NEG	NEG	0.84
2011	NEG	NEG	1.16
2012	NEG	NEG	1.34
2013	NEG	NEG	1.89
2014	NEG	More than 50	1.82
2015	NEG	NEG	1.67
2016	More than 50	More than 50	1.94
2017	NEG	NEG	1.38
2018	NEG	NEG	0.99

Business Segments (Million)

Compared With The

Period	Real estate development	Property management & consulting services	Learning and training of operational staff	Dicontinued operation
Q2 2015	-	4.96	5.27	-
Q3 2015	-	4.63	2.41	-
Q4 2015	-	7.84	1.74	-
Q1 2016	0.27	4.75	0.34	-
Q2 2016	19.63	8.19	2.08	-
Q3 2016	0.27	2.00	1.91	-
Q4 2016	50.27	7.21	8.39	-
Q1 2017	0.27	3.28	5.14	-
Q2 2017	0.27	4.13	4.04	-
Q3 2017	0.27	2.80	1.10	-
Q4 2017	7.57	5.04	5.22	-
Q1 2018	6.93	1.96	0.33	(1.96)
Q2 2018	14.14	-	1.50	-
Q3 2018	13.49	2.76	1.27	-
Q4 2018	30.03	2.91	3.43	(2.91)

Period	Real estate development	Property management & consulting services	Learning and training of operational staff	Dicontinued operation
2015	-	21.02	9.95	-
2016	70.43	22.16	12.72	-
2017	8.38	15.25	15.50	(15.25)
2018	64.59	9.52	6.53	(9.52)

Financial Ratios

	Current
Market Cap (M Riyal)	5,489.87
Enterprise Value (EV) (M)	5,992.10
Shares Outstanding ((M))	339.30
EPS ( Riyal) (TTM)	(0.13)
Book Value (BV) ( Riyal)	8.85
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	Neg
P/E (TTM)	NEG
Price/book	1.83
Return on Average Assets (%) (TTM)	(1.23 )
Return on Average Equity (%) (TTM)	(1.50 )

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Knowledge EC widens losses in FY 2018

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Share Price

Knowledge Economic City (KEC)

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Current Quarter Comparison (M)

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Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2018 Q4

Financial Ratios

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Knowledge EC widens losses in FY 2018

View other reports

Share Price

Knowledge Economic City (KEC)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q4 2018

Revenue by Business Segment (Latest) 2018 Q4

Financial Ratios

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Business Segments (Million)