KEC narrows 2022 net loss to SAR 19.4 mln, Q4 loss at SAR 8.7 mln

KEC narrows 2022 net loss to SAR 19.4 mln, Q4 loss at SAR 8.7 mln

29/03/2023 Argaam Exclusive

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Knowledge Economic City (KEC) trimmed 2022 net loss to SAR 19.4 million, from SAR 22.1 million a year earlier.



Financials (M)

Item 2021 2022 Change‬
Revenues 42.45 56.69 33.5 %
Gross Income 10.47 18.02 72.1 %
Operating Income (46.13) (39.26) 14.9 %
Net Income (22.09) (19.39) 12.2 %
Average Shares 339.30 339.30 -
EPS (Riyals) (0.07) (0.06) 12.2 %

This was fostered by higher sales, increased gross profit, in addition to generating SAR 14.6 million income from a derivative instrument.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 8.94 17.11 91.3 %
Gross Income 1.80 4.93 174.6 %
Operating Income (21.43) (12.32) 42.5 %
Net Income (19.51) (8.65) 55.7 %
Average Shares 339.30 339.30 -
EPS (Riyals) (0.06) (0.03) 55.7 %

Q4 2022 net loss shrank to SAR 8.7 million, from SAR 19.5 million in the prior-year period.

 

On a sequential basis, KEC turned to losses from SAR 4.63 million net profit in Q3 2022.

 

Shareholders’ equity, excluding minority interest, reached SAR 3.05 billion as of Dec. 31, 2022, compared to SAR 3.07 billion a year earlier.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2013 5.99 49.0 % 2.56 43.1 % (8.14) 2.3 % (0.02)
Q2 2013 8.88 (66.5 %) 3.52 (79.0 %) (3.02) (287.3 %) (0.01)
Q3 2013 18.92 (66.8 %) 5.12 (87.2 %) 1.72 (82.3 %) 0.01
Q4 2013 4.38 (12.6 %) (0.33) 80.1 % 9.07 134.1 % 0.03
Q1 2014 21.67 261.7 % 4.51 75.8 % (2.49) 69.4 % (0.01)
Q2 2014 27.56 210.4 % 7.64 117.2 % 15.53 614.7 % 0.05
Q3 2014 12.72 (32.8 %) 4.19 (18.1 %) 15.93 826.8 % 0.05
Q4 2014 10.82 147.3 % (6.15) (1,740.7 %) (57.15) (730.3 %) (0.17)
Q1 2015 4.11 (81.0 %) (0.74) (116.4 %) (4.81) (93.2 %) (0.01)
Q2 2015 10.23 (62.9 %) 4.27 (44.1 %) (3.11) (120.0 %) (0.01)
Q3 2015 7.04 (44.6 %) 2.75 (34.4 %) (5.74) (136.1 %) (0.02)
Q4 2015 9.59 (11.4 %) (0.74) 87.9 % 2.19 103.8 % 0.01
Q1 2016 5.36 30.5 % (0.34) 54.3 % (7.46) (55.1 %) (0.02)
Q2 2016 29.90 192.4 % 17.08 299.9 % 8.55 375.1 % 0.03
Q3 2016 4.19 (40.6 %) (0.29) (110.4 %) (9.12) (58.8 %) (0.03)
Q4 2016 65.86 587.0 % 40.98 5630.4 % 22.04 906.7 % 0.06
Q1 2017 8.69 61.9 % 1.69 600.6 % (6.90) 7.5 % (0.02)
Q2 2017 8.43 (71.8 %) 0.61 (96.4 %) (9.20) (207.6 %) (0.03)
Q3 2017 4.18 (0.2 %) (2.03) (606.3 %) (11.69) (28.1 %) (0.03)
Q4 2017 2.58 (96.1 %) 5.17 (87.4 %) 9.11 (58.7 %) 0.03
Q1 2018 7.26 (16.4 %) (0.91) (153.8 %) (13.48) (95.4 %) (0.04)
Q2 2018 15.64 85.4 % 2.64 334.5 % (8.86) 3.7 % (0.03)
Q3 2018 14.77 253.7 % 2.94 245.0 % (12.47) (6.7 %) (0.04)
Q4 2018 33.46 1196.2 % 8.59 66.1 % (3.14) (134.5 %) (0.01)
Q1 2019 82.14 1031.5 % 30.01 3393.7 % 19.56 245.1 % 0.06
Q2 2019 27.75 77.5 % 6.34 139.9 % 5.48 161.9 % 0.02
Q3 2019 17.16 16.2 % 4.72 60.7 % (5.43) 56.4 % (0.02)
Q4 2019 26.58 (20.5 %) 4.35 (49.4 %) (1.45) 53.8 % 0.00
Q1 2020 23.19 (71.8 %) 5.06 (83.1 %) (6.76) (134.5 %) (0.02)
Q2 2020 58.99 112.6 % 12.89 103.3 % (0.32) (105.9 %) 0.00
Q3 2020 9.90 (42.3 %) 1.12 (76.3 %) (15.14) (178.7 %) (0.04)
Q4 2020 20.58 (22.6 %) 6.45 48.2 % (3.51) (142.0 %) (0.01)
Q1 2021 24.63 6.2 % 6.57 29.9 % (4.76) 29.6 % (0.01)
Q2 2021 7.39 (87.5 %) 2.03 (84.3 %) 4.69 1546.0 % 0.01
Q3 2021 1.50 (84.9 %) 0.08 (93.1 %) (2.50) 83.5 % (0.01)
Q4 2021 8.94 (56.6 %) 1.80 (72.1 %) (19.51) (456.1 %) (0.06)
Q1 2022 15.73 (36.1 %) 4.88 (25.7 %) (6.73) (41.5 %) (0.02)
Q2 2022 13.69 85.4 % 4.51 122.6 % (8.64) (284.4 %) (0.03)
Q3 2022 10.16 579.3 % 3.70 4701.3 % 4.63 285.0 % 0.01
Q4 2022 17.11 91.3 % 4.93 174.6 % (8.65) 55.7 % (0.03)
2022 56.69 33.5 % 18.02 72.1 % (19.39) 12.2 % (0.06)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2013 61.04 % 11.49 % (27.35 %)
Q2 2013 57.79 % 1.09 % (36.53 %)
Q3 2013 24.55 % (72.81 %) (92.97 %)
Q4 2013 28.48 % (43.36 %) (0.97 %)
Q1 2014 23.79 % (22.71 %) 9.81 %
Q2 2014 23.35 % (7.42 %) 32.85 %
Q3 2014 24.13 % (9.99 %) 57.36 %
Q4 2014 14.01 % (20.36 %) 0.65 %
Q1 2015 8.96 % (37.39 %) (3.34 %)
Q2 2015 4.16 % (62.92 %) (54.09 %)
Q3 2015 0.41 % (100.25 %) (130.94 %)
Q4 2015 17.89 % (77.46 %) (37.04 %)
Q1 2016 18.44 % (70.62 %) (43.82 %)
Q2 2016 36.14 % (23.94 %) (4.74 %)
Q3 2016 32.05 % (27.68 %) (11.91 %)
Q4 2016 54.54 % 16.00 % 13.30 %
Q1 2017 54.74 % 13.76 % 13.41 %
Q2 2017 49.32 % (2.04 %) (3.66 %)
Q3 2017 47.33 % (2.81 %) (6.60 %)
Q4 2017 22.81 % (105.79 %) (129.60 %)
Q1 2018 12.66 % (133.23 %) (167.16 %)
Q2 2018 16.45 % (95.93 %) (125.40 %)
Q3 2018 24.46 % (73.89 %) (94.33 %)
Q4 2018 18.65 % (49.88 %) (53.36 %)
Q1 2019 30.26 % (2.49 %) (3.05 %)
Q2 2019 30.28 % (1.34 %) (6.76 %)
Q3 2019 30.94 % 4.38 % (2.27 %)
Q4 2019 29.56 % 4.37 % (1.27 %)
Q1 2020 21.62 % (18.50 %) (30.34 %)
Q2 2020 21.46 % (5.88 %) (11.09 %)
Q3 2020 19.73 % (10.67 %) (19.95 %)
Q4 2020 22.65 % (10.82 %) (22.84 %)
Q1 2021 23.69 % (8.91 %) (20.80 %)
Q2 2021 25.87 % (37.32 %) (54.75 %)
Q3 2021 27.96 % (47.99 %) (58.94 %)
Q4 2021 24.66 % (101.32 %) (112.55 %)
Q1 2022 26.17 % (140.53 %) (148.29 %)
Q2 2022 28.26 % (121.65 %) (119.37 %)
Q3 2022 30.68 % (93.25 %) (86.54 %)
Q4 2022 31.79 % (62.43 %) (60.02 %)
2022 31.79 % (62.43 %) (60.02 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2013 339.30 (0.08) (0.08) 9.36
Q2 2013 339.30 (0.08) (0.08) 9.35
Q3 2013 339.30 (0.11) (0.11) 9.35
Q4 2013 339.30 0.00 0.00 9.38
Q1 2014 339.30 0.02 0.02 9.37
Q2 2014 339.30 0.07 0.07 9.42
Q3 2014 339.30 0.11 0.11 9.47
Q4 2014 339.30 (0.08) 0.00 9.30
Q1 2015 339.30 (0.09) (0.01) 9.28
Q2 2015 339.30 (0.14) (0.06) 9.27
Q3 2015 339.30 (0.21) (0.12) 9.26
Q4 2015 339.30 (0.03) (0.03) 9.26
Q1 2016 339.30 (0.04) (0.04) 9.26
Q2 2016 339.30 (0.01) (0.01) 9.28
Q3 2016 339.30 (0.02) (0.02) 9.26
Q4 2016 339.30 0.04 0.04 9.32
Q1 2017 339.30 0.04 0.04 9.30
Q2 2017 339.30 (0.01) (0.01) 9.27
Q3 2017 339.30 (0.02) (0.02) 9.24
Q4 2017 339.30 (0.06) (0.09) 9.26
Q1 2018 339.30 (0.07) (0.11) 9.22
Q2 2018 339.30 (0.07) (0.11) 9.20
Q3 2018 339.30 (0.08) (0.11) 9.16
Q4 2018 339.30 (0.11) (0.11) 9.15
Q1 2019 339.30 (0.01) (0.01) 9.21
Q2 2019 339.30 0.03 (0.03) 9.22
Q3 2019 339.30 0.05 (0.01) 9.21
Q4 2019 339.30 0.05 (0.01) 9.21
Q1 2020 339.30 (0.02) (0.08) 9.19
Q2 2020 339.30 (0.04) (0.04) 9.18
Q3 2020 339.30 (0.07) (0.07) 9.14
Q4 2020 339.30 (0.08) (0.08) 9.13
Q1 2021 339.30 (0.07) (0.07) 9.12
Q2 2021 339.30 (0.06) (0.10) 9.13
Q3 2021 339.30 (0.02) (0.09) 9.12
Q4 2021 339.30 (0.07) (0.14) 9.07
Q1 2022 339.30 (0.07) (0.15) 9.05
Q2 2022 339.30 (0.11) (0.14) 9.02
Q3 2022 339.30 (0.09) (0.12) 9.03
Q4 2022 339.30 (0.06) (0.10) 9.02

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2013 NEG NEG 1.55
Q2 2013 NEG NEG 1.51
Q3 2013 NEG NEG 1.59
Q4 2013 NEG NEG 1.89
Q1 2014 More than 100 More than 100 2.26
Q2 2014 More than 100 More than 100 2.17
Q3 2014 More than 100 More than 100 2.54
Q4 2014 NEG More than 100 1.82
Q1 2015 NEG NEG 2.47
Q2 2015 NEG NEG 2.94
Q3 2015 NEG NEG 1.80
Q4 2015 NEG NEG 1.67
Q1 2016 NEG NEG 1.47
Q2 2016 NEG NEG 1.56
Q3 2016 NEG NEG 1.35
Q4 2016 More than 100 More than 100 1.94
Q1 2017 More than 100 More than 100 1.88
Q2 2017 NEG NEG 1.69
Q3 2017 NEG NEG 1.57
Q4 2017 NEG NEG 1.38
Q1 2018 NEG NEG 1.30
Q2 2018 NEG NEG 1.25
Q3 2018 NEG NEG 1.24
Q4 2018 NEG NEG 0.99
Q1 2019 NEG NEG 1.06
Q2 2019 More than 100 NEG 1.06
Q3 2019 More than 100 NEG 1.05
Q4 2019 More than 100 NEG 1.08
Q1 2020 NEG NEG 0.88
Q2 2020 NEG NEG 1.01
Q3 2020 NEG NEG 1.45
Q4 2020 NEG NEG 1.30
Q1 2021 NEG NEG 1.94
Q2 2021 NEG NEG 2.51
Q3 2021 NEG NEG 2.10
Q4 2021 NEG NEG 1.78
Q1 2022 NEG NEG 1.88
Q2 2022 NEG NEG 1.40
Q3 2022 NEG NEG 1.38
Q4 2022 NEG NEG 1.19

Business Segments (Million)

Compared With The
Period Real estate development Property management & consulting services Held for sale Learning and training of operational staff Dicontinued operation
Q2 2015 - 4.96 - 5.27 -
Q3 2015 - 4.63 - 2.41 -
Q4 2015 - 7.84 - 1.74 -
Q1 2016 0.27 4.75 - 0.34 -
Q2 2016 19.63 8.19 - 2.08 -
Q3 2016 0.27 2.00 - 1.91 -
Q4 2016 50.27 7.21 - 8.39 -
Q1 2017 0.27 3.28 - 5.14 -
Q2 2017 0.27 4.13 - 4.04 -
Q3 2017 0.27 2.80 - 1.10 -
Q4 2017 7.57 5.04 - 5.22 -
Q1 2018 6.93 1.96 - 0.33 (1.96)
Q2 2018 14.14 - - 1.50 -
Q3 2018 13.49 2.76 - 1.27 -
Q4 2018 30.03 2.91 - 3.43 (2.91)
Q1 2019 79.74 - - 2.39 -
Q2 2019 28.27 - 4.26 (2.39) -
Q3 2019 17.16 - 0.26 - -
Q4 2019 26.58 - 5.35 - -
Q1 2020 23.19 - 0.26 - -
Q2 2020 59.27 - 0.50 - -
Q3 2020 9.90 - - - -
Q4 2020 20.58 - - - -
Q1 2021 24.63 - - - -
Q2 2021 7.39 - - - -
Q3 2021 1.50 - - - -
Q4 2021 8.94 - - - -
Q1 2022 15.73 - - - -
Q2 2022 13.69 - - - -
Q3 2022 10.15 - - - -
Q4 2022 17.11 - - - -

Current
Market Cap (M Riyal) 4,648.41
Enterprise Value (EV) (M) 5,474.64
Shares Outstanding ((M)) 339.30
EPS ( Riyal) (TTM) (0.15)
Book Value (BV) ( Riyal) 8.84
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.55
Return on Average Assets (%) (TTM) (1.30 )
Return on Average Equity (%) (TTM) (1.66 )

Share Price

13.68
(0.22) (1.58 %)

Knowledge Economic City (KEC)


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