Knowledge Economic City’s losses deepen in H1-22; accumulated losses announced

Knowledge Economic City has incurred net losses after Zakat and tax worth SAR 15.36 million during the first half (H1) of 2022, a leap of 21,545% from SAR 71,000 in H1-21.

The revenues declined by 8.10% year-on-year (YoY) to SAR 29.42 million in the first six months (6M) of 2022, compared to SAR 32.01 million, according to the initial financial results.

Furthermore, the loss per share settled at SAR 0.04 in H1-22.

Meanwhile, the Saudi listed firm reported accumulated losses worth SAR 332.24 million as of H1-22, accounting for 9.79% of the SAR 3.39 billion capital.

During the second quarter (Q2) of 2022, the company turned to net losses after Zakat and tax of SAR 8.64 million, against net profits worth SAR 4.68 million in Q2-21.

The revenues widened by 85.40% YoY to SAR 13.69 million in Q2-22 from SAR 7.38 million.

In the January-March 2022 period, the net losses after Zakat and tax of Knowledge Economic City enlarged by 41.46% YoY to SAR 6.72 million, versus SAR 4.75 million.