Riyadh – Mubasher: The net losses after Zakat and tax of Knowledge Economic City widened by 316.97% to SAR 10.73 million in the first nine months (9M) of 2022, versus SAR 2.57 million in 9M-21.

The Saudi company generated revenues worth SAR 39.57 million in the January-September 2022 period, an 18.10% year-on-year (YoY) growth from SAR 33.51 million, according to the interim financial results.

The loss per share edged up to SAR 0.03 in 9M-22 from SAR 0.01 in 9M-21.

Furthermore, the accumulated losses amounted to SAR 327.61 million as of 30 September 2022, accounting for 9.66% of the SAR 3.39 billion capital.

In the third quarter (Q3) of 2022, Knowledge Economic City turned profitable, gaining net earnings of SAR 4.63 million, against net losses of SAR 2.50 million in Q3-21. Revenues hiked by 579.26% YoY to SAR 10.15 million in Q3-22 from SAR 1.49 million.

On a quarterly basis, the Tadawul-listed firm swung to net profits in Q3-22, compared to net losses worth SAR 8.64 million in Q2-22.

Meanwhile, the Q3-22 revenues plummeted by 25.83% from SAR 13.69 million in Q2-22.

In the first half (H1) of 2022, the company’s net losses after Zakat and tax enlarged by 21,545% YoY to SAR 15.36 million from SAR 71,000.