Financial Results : KEC narrows 2022 net loss to SAR 19.4 mln, Q4 loss at SAR 8.7 mln

KEC narrows 2022 net loss to SAR 19.4 mln, Q4 loss at SAR 8.7 mln

29/03/2023 Argaam Exclusive

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Knowledge Economic City (KEC) trimmed 2022 net loss to SAR 19.4 million, from SAR 22.1 million a year earlier.



Financials (M)

Item 2021 2022 Change‬
Revenues 42.45 56.69 33.5 %
Gross Income 10.47 18.02 72.1 %
Operating Income (46.13) (39.26) 14.9 %
Net Income (22.09) (19.39) 12.2 %
Average Shares 339.30 339.30 -
Earnings Per Share before unusual items (Riyals) (0.14) (0.10) 28.8 %
EPS (Riyal) (0.07) (0.06) 12.2 %

This was fostered by higher sales, increased gross profit, in addition to generating SAR 14.6 million income from a derivative instrument.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 8.94 17.11 91.3 %
Gross Income 1.80 4.93 174.6 %
Operating Income (21.43) (12.32) 42.5 %
Net Income (19.51) (8.65) 55.7 %
Average Shares 339.30 339.30 -
Earnings Per Share before unusual items (Riyal) (0.06) (0.03) 41.0 %
EPS (Riyal) (0.06) (0.03) 55.7 %

Q4 2022 net loss shrank to SAR 8.7 million, from SAR 19.5 million in the prior-year period.

 

On a sequential basis, KEC turned to losses from SAR 4.63 million net profit in Q3 2022.

 

Shareholders’ equity, excluding minority interest, reached SAR 3.05 billion as of Dec. 31, 2022, compared to SAR 3.07 billion a year earlier.

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