Riyadh – Mubasher: The net losses of Knowledge Economic City hiked by 265.09% to SAR 38.69 million in the first half (H1) of 2024 from SAR 10.59 million in H1-23.

The company's revenues stood at SAR 11.11 million in H1-24, down 78.68% year-on-year (YoY) from SAR 52.12 million, according to the income results.

Loss per share (EPS) widened to SAR 0.11 during the first six months (6M) of 2024 from SAR 0.03 in the year-ago period.

Financial Results for Q2-24

In the second quarter (Q2) of 2024, the net losses reached SAR 25.11 million, higher by 1,554% YoY than SAR 1.51 million.

The revenues dropped by 89.45% to SAR 3.59 million in the three-month period that ended on 30 June 2024 from SAR 34.07 million in Q2-23.

Quarter-on-quarter (QoQ), the net losses generated in Q2-24 surged by 84.90% from SAR 13.58 million in January-March 2024, while the revenues plummeted by 52.20% from SAR 7.51 million.

Accumulated Losses

Knowledge Economic City incurred accumulated losses valued at SAR 421.61 million at the end of June 2024, representing 12% of the share capital.