Financial Results : KnowledgeNet cuts H1 2024 net losses to SAR 544,000

KnowledgeNet cuts H1 2024 net losses to SAR 544,000

29/08/2024 Argaam Exclusive

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KnowledgeNet Co. trimmed net losses to SAR 544,000 in the first half of 2024, from SAR 4 million in the prior-year period.

The decline in losses was spurred by a 15% year-on-year (YoY) rise in the first-half revenue to SAR 28.9 million. The parent company’s top line also jumped 52% YoY, thanks to a 130% surge in license sales.

 

Gross profits also soared to SAR 10.14 million in H1 2024, from SAR 4.60 million in the first half of 2023. Gross profit margins rose, showing a positive impact on earnings per share.



Current Half Annual Comparison (M)

Compared With The
Item H1 2023 H1 2024 Change‬
Revenues 25.11 28.93 15.2 %
Gross Income 4.61 10.15 120.2 %
Operating Income (5.30) (2.01) 62.1 %
Net Income (4.03) (0.54) 86.5 %
Average Shares 3.50 3.50 -
Earnings Per Share before unusual items (Riyal) (1.15) (0.16) 86.5 %
EPS (Riyal) (1.15) (0.16) 86.5 %

On the other hand, selling and marketing expenses increased.

 

Total shareholders’ equity, after minority interest, stood at SAR 38.96 million as of June 30, 2024, compared to SAR 41.03 million a year ago. 

 

Historical Data

Period

Revenue

(SAR mln)

Net Profit

(SAR mln)

EPS

(SAR)

H1 2021

20.97

(1.32)

(0.53)

H2 2022

28.05

2.89

1.16

H1 2022

30.32

4.87

1.39

H2 2022

28.09

(1.77)

(0.50)

H1 2023

25.11

(4.03)

(1.15)

H2 2023

26.76

(1.23)

(0.35)

H1 2024

28.93

(0.54)

(0.16)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS(Riyal)
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 (1.32) - (0.88) - (1.32) (0.88)
H2 2021 2.90 - 0.83 - 2.90 0.83
H1 2022 4.87 468.5 % 1.39 1.76 3.11 0.89
H2 2022 (1.77) (161.2 %) (0.51) - (1.77) (0.51)
H1 2023 (4.03) (182.7 %) (1.15) - (4.03) (1.15)
H2 2023 (1.23) 30.6 % (0.35) 0.31 (1.54) (0.44)
H1 2024 (0.54) 86.5 % (0.16) - (0.54) (0.16)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 20.97 - 4.37 - (1.14) -
H2 2021 28.04 - 10.51 - 3.69 -
H1 2022 30.32 44.6 % 9.92 127.1 % 1.87 263.8 %
H2 2022 28.09 0.2 % 9.72 (7.5 %) (0.53) (114.4 %)
H1 2023 25.11 (17.2 %) 4.61 (53.6 %) (5.30) (383.4 %)
H2 2023 24.78 (11.8 %) 13.21 35.8 % 0.49 192.4 %
H1 2024 28.93 15.2 % 10.15 120.2 % (2.01) 62.1 %

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 30.35 % 10.00 % 3.21 %
H1 2022 35.01 % 13.85 % 10.30 %
H2 2022 33.63 % 6.87 % 2.29 %
H1 2023 26.94 % (5.38 %) (10.91 %)
H2 2023 35.71 % (1.10 %) (11.17 %)
2023 35.71 % (1.10 %) (11.17 %)
H1 2024 43.48 % 5.48 % (3.88 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 - - - -
H2 2019 - - - -
H1 2020 - - - -
H2 2020 - - - -
H1 2021 1.50 - - 11.73
H2 2021 3.50 0.45 0.45 12.15
H1 2022 3.50 2.22 1.72 13.54
H2 2022 3.50 0.89 0.38 13.38
H1 2023 3.50 (1.66) (1.66) 11.73
H2 2023 3.50 (1.50) (1.59) 11.29
H1 2024 3.50 (0.51) (0.60) 11.13

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -
H2 2022 - - -
H1 2023 NEG NEG 3.62
H2 2023 NEG NEG 3.19
H1 2024 NEG NEG 2.51

Business Segments (Million)

Compared With The
Period consulting services maintenance and technical support services sale of programs licenses Implementation of program licenses
Q2 2022 17.23 5.38 7.70 -
Q4 2022 14.80 6.35 6.94 -
Q2 2023 13.81 5.22 2.93 3.15
Q2 2024 12.23 6.77 6.75 3.19


Financial Ratios
Current
Market Cap (M Riyal) 108.33
Enterprise Value (EV) (M) 105.32
Shares Outstanding ((M)) 3.50
Book Value (BV) ( Riyal) 18.48
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
Price/book 1.67
more

Share Price

Knowledge Net Co.
30.95
1.95 6.72 %

Knowledge Net Co. (KNOWLEDGENET)

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