Riyadh – Mubasher: Knowledge Economic City incurred net losses of SAR 71,000 in the first half (H1) of 2021, down by 98.99% year-on-year (YoY) from SAR 7.076 million. 

The loss reduction was attributed to an increase in other income on account of liquidation of a letter of guarantee from the contractor amounting to SAR 15.5 million which is offset by decreased gross profit by SAR 8.4 million due to lower revenue, the company said in a bourse disclosure on Sunday. 

The revenues declined to SAR 32.017 million in H1-21, compared to SAR 82.460 million in H1-20. 

As for the second quarter (Q2) of 2021, the company turned to net profits of SAR 4.685 million, against net losses of SAR 324,000 in Q2-20 and SAR 4.756 million in Q1-21. 

The revenues slipped to SAR 7.385 million in Q2-21 from SAR 58.991 million in Q2-20. 

The accumulated losses reached SAR 294.639 million, representing 8.68% of the company's capital.