Riyadh – Mubasher: Knowledge Economic City posted net losses after Zakat and tax worth SAR 10.59 million in the first half (H1) of 2023, lower by 31.03% than SAR 15.36 million in H1-22.
The loss per share edged down to 0.03% in H1-23 from SAR 0.04 in H1-22, according to a bourse filing.
The revenues, meanwhile, grew by 77.16% annually to SAR 52.12 million during January-June 2023 from SAR 29.42 million.
Income Statement for Q2-23
During the second quarter (Q2) of 2023, Knowledge Economic City recorded an 82.43% year-on-year (YoY) decline in net loss to SAR 1.51 million from SAR 8.64 million.
The revenues soared by 148.86% to SAR 34.07 million during April-June 2023, compared with SAR 13.69 million in Q2-22.
On a quarterly basis, the net losses in Q2-23 were 83.28% lower compared with Q1-23, while the revenues increased by 88.75%.
Accumulated Losses
Knowledge Economic City registered accumulated losses worth SAR 346.63 million as of 30 June 2023 that were higher when compared with the end of March this year.
Furthermore, the H1-23 amount represented 10.21% of the SAR 3.39 billion capital.
In Q1-23, the listed entity reported net losses worth SAR 9.08 million in addition to revenues standing at SAR 18.05 million. Meanwhile, its accumulated losses as of the end of March 2023 reached SAR 345.11 million.
