Riyadh – Mubasher: Knowledge Economic City reported net losses amounting to SAR 13.58 million in the first quarter (Q1) of 2024, an annual leap of 49.56% from SAR 9.08 million.
Revenues hit SAR 7.51 million in January-March 2024, lower by 58.35% year-on-year (YoY) than SAR 18.05 million, according to the interim financials.
In the first three months (3M) of 2024, the loss per share increased to SAR 0.04 from SAR 0.02 a year earlier.
Quarterly, the net losses in Q1-24 retreated by 37.34% from SAR 21.67 million in Q4-23, while the revenues climbed by 85.53% from SAR 4.05 million.
Accumulated Losses
The company’s accumulated losses stood at SAR 396.50 million as of 31 March 2024, accounting for 12% of the capital.
At the end of December 2023, Knowledge Economic City witnessed 134.96% YoY higher net losses at SAR 45.55 million, compared to SAR 19.38 million.
