Riyadh – Mubasher: The net losses after Zakat and tax of Knowledge Economic City widened by 122.41% to SAR 23.88 million in the first nine months (9M) of 2023 from SAR 10.73 million in 9M-22.
Revenues hiked by 58.69% to SAR 62.80 million as of 30 September 2023 from SAR 39.57 million a year earlier, according to the initial financial results.
The loss per share amounted to SAR 0.07 in 9M-23, up year-on-year (YoY) from SAR 0.03.
Financials for Q3-23
In the third quarter (Q3) of 2023, Knowledge Economic City swung to net losses after Zakat and tax valued at SAR 13.28 million, versus net profits worth SAR 4.63 million a year earlier.
The revenues hit SAR 10.68 million during the July-September 2023 period, marking a 5.20% YoY rise from SAR 10.15 million.
On a quarterly basis, the net losses incurred in Q3-23 enlarged by 774.90% from SAR 1.51 million in Q2-23, while the revenues plummeted by 68.65% from SAR 34.07 million.
Accumulated Losses
The accumulated losses amounted to SAR 359.91 million as of 30 September 2023, accounting for 10.60% of the SAR 3.39 billion capital.
