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Knowledge Economic City turns profitable in 6M

Knowledge Economic City turns profitable in 6M
The company moved to profits with SAR 5.4 million in Q2-19
KEC
4310
46.90% 18.48 5.90

Riyadh – Mubasher: Knowledge Economic City disclosed its financial results for the second quarter of 2019.

The company moved to profits with SAR 5.4 million in Q2-19, against losses of SAR 8.8 million in Q2-18, according to a bourse filing on Monday.

The increase in the net profit comes due to higher revenue from sold units and re-measurement of equity investment on the acquisition of additional shares.

Total revenues hiked by 92.7% to SAR 30.1 million during the three-month period between April and June, compared to SAR 15.6 million in the same period of the prior year.

For the first half of 2019, Economic City achieved SAR 25 million in profits, versus losses of SAR 22.3 million in H1-8.

The company generated SAR 112.27 million in revenues in H1-19, up 390% from SAR 22.8 million in the same period a year ago.