Financial Results : KEC loses SAR 21M in 2024; earns SAR 26.7M in Q4

KEC loses SAR 21M in 2024; earns SAR 26.7M in Q4

18/03/2025 Argaam Exclusive

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Knowledge Economic City (KEC) incurred a net loss of SAR 21 million in 2024, compared to a loss of SAR 45.5 million in 2023.



Financials (M)

Item 2023 2024 Change‬
Revenues 66.86 158.81 137.5 %
Gross Income 22.73 70.10 208.4 %
Operating Income (44.29) (25.31) 42.9 %
Net Income (45.56) (20.96) 54.0 %
Average Shares 339.30 339.30 -
Earnings Per Share before unusual items (Riyals) (0.12) (0.05) 57.3 %
EPS (Riyal) (0.13) (0.06) 54.0 %

This was backed by higher sales, in addition to selling units of one of its new residential projects as well as land plots



Current Quarter Comparison (M)

Compared With The
Item Q4 2023 Q4 2024 Change‬
Revenues 4.05 112.84 2684.7 %
Gross Income (0.35) 60.30 17476.9 %
Operating Income (21.11) 28.24 233.8 %
Net Income (21.68) 26.66 223.0 %
Average Shares 339.30 339.30 -
Earnings Per Share before unusual items (Riyal) (0.06) 0.09 239.5 %
EPS (Riyal) (0.06) 0.08 223.0 %

Q4 2024 net profit stood at SAR 26.7 million, versus a net loss of SAR 21.6 million in the prior-year period.

 

On a quarterly basis, the company swung to a net profit from a net loss of SAR 8.93 million Q3 2024.

 

Total shareholders’ equity, excluding minority interest, stood at SAR 2.98 billion by Dec. 31, 2024, compared to SAR 3 billion a year earlier.

 

Accumulated losses reached SAR 406.23 million by Dec. 31, 2024, accounting for 12% of capital.

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