Riyadh – Mubasher: Knowledge Economic City incurred net losses after Zakat and tax worth SAR 2.5 million during the third quarter (Q3) of 2021, down by 83.46% from SAR 15.13 million in Q3-20.

Revenues also decreased by 84.8% year-on-year (YoY) to SAR 1.49 million in Q3-201 from SAR 9.89 million, according to the initial financial results on Thursday.

Quarter-on-quarter (QoQ), the company turned to losses in Q3-21 against profits worth SAR 4.68 million in Q2-21, while the revenues plunged by 79.75% from SAR 7.38 million.

During the first nine months of 2021, Knowledge Economic City suffered net losses worth SAR 2.57 million, down by 88% YoY from SAR 22.21 million.

The loss per share stood at SAR 0.008 at the end of September 2021 from SAR 0.065 in the same period last year.

Revenues plummeted by 63% YoY to SAR 33.51 million from SAR 92.35 million.

At the end of September this year, the accumulated losses totalled SAR 297.14 million, representing 0.88% of the SAR 3.39 billion capital.