Knowledge Economic City Co. reported a net loss of SAR 23.9 million for the first nine months of 2023, compared to a loss of SAR 10.7 million a year earlier.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 39.58 | 62.81 | 58.7 % |
| Gross Income | 13.09 | 23.07 | 76.3 % |
| Operating Income | (26.94) | (23.18) | 14.0 % |
| Net Income | (10.74) | (23.88) | (122.4 %) |
| Average Shares | 339.30 | 339.30 | - |
| EPS (Riyals) | (0.03) | (0.07) | (122.4 %) |
The losses deepened as a gain from fair value measurement of derivative instrument, amounting to SAR 11.8 million, was recorded as a one-time income in 9M 2022.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 10.16 | 10.68 | 5.2 % |
| Gross Income | 3.70 | 3.40 | (8.1 %) |
| Operating Income | (9.01) | (14.09) | (56.4 %) |
| Net Income | 4.63 | (13.28) | (386.8 %) |
| Average Shares | 339.30 | 339.30 | - |
| EPS (Riyals) | 0.01 | (0.04) | (386.8 %) |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 34.07 | 10.68 | (68.6 %) |
| Gross Income | 13.11 | 3.40 | (74.1 %) |
| Operating Income | (2.16) | (14.09) | (553.8 %) |
| Net Income | (1.52) | (13.28) | (774.9 %) |
| Average Shares | 339.30 | 339.30 | - |
| EPS (Riyals) | 0.00 | (0.04) | (774.9 %) |
The company turned to a loss of SAR 13.3 million in Q3 2023, against a profit of SAR 4.63 million in Q3 2022, also due to recording a one-time income in the previous period.
Sequentially, Knowledge EC widened losses from SAR 1.52 million in Q2 2023 on lower sales.
Total shareholders’ equity, after minority interest, fell to SAR 3.04 billion as of Sept. 30, 2023, from SAR 3.06 billion a year earlier.
Accumulated losses stood at SAR 359.91 million at the end of the nine-month period representing 10.6% of capital.
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