KnowledgeNet swings to loss of SAR 4.3 mln in H1 2023

KnowledgeNet swings to loss of SAR 4.3 mln in H1 2023

04/09/2023 Argaam Exclusive

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KnowledgeNet Co. reported a net loss of SAR 4.3 million for H1 2023, against a profit of SAR 4.9 million a year earlier.



Financials (M)

Item 6m 2022 6m 2023 Change‬
Revenues 30.32 25.11 (17.2 %)
Gross Income 9.92 4.61 (53.6 %)
Operating Income 1.87 (5.30) (383.4 %)
Net Income 4.87 (4.03) (182.7 %)
Average Shares 3.50 3.50 -
EPS (Riyals) 1.39 (1.15) (182.7 %)

The losses are attributed to lower licenses for new programs that have high profitability, as sales of these programs did not proceed at a regular pace during the year.

 

In addition, the sales team grew to support the company's expansion plans and sell new products.

 

Operating expenses (OpEx) rose due to the investments in some subsidiaries in the spending phase, at a cost of SAR 2.9 million. These subsidiaries did not start to generate revenues in H1 2023. 

 

In the year-ago period, KnowledgeNet achieved a non-recurring income of SAR 2.76 million as profit from the sale of an investment in a subsidiary and profits from the sale of financial assets. 



Current Half Annual Comparison (M)

Compared With The
Item H1 2022 H1 2023 Change‬
Revenues 30.32 25.11 (17.2 %)
Gross Income 9.92 4.61 (53.6 %)
Operating Income 1.87 (5.30) (383.4 %)
Net Income 4.87 (4.03) (182.7 %)
Average Shares 3.50 3.50 -
EPS (Riyals) 1.39 (1.15) (182.7 %)

Total shareholders’ equity, excluding minority interest, fell to SAR 40.84 million as of June 30, 2023, from SAR 47.38 million a year earlier.

 

Quarterly Data

Period

Revenue (SAR mln)

Net Profit (SAR mln)

EPS (SAR)

H1 2021

20.97

(1.32)

(0.53)

H2 2021

28.05

2.89

1.16

H1 2022

30.32

4.87

1.39

H2 2022

28.10

(1.65)

(0.47)

H1 2023

25.11

(4.34)

(1.24)

 

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 20.97 - 4.37 - (1.14) -
H2 2021 28.04 - 10.51 - 3.69 -
H1 2022 30.32 44.6 % 9.92 127.1 % 1.87 263.8 %
H2 2022 28.09 0.2 % 9.72 (7.5 %) (0.53) (114.4 %)
H1 2023 25.11 (17.2 %) 4.61 (53.6 %) (5.30) (383.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
H1 2014 - - - - - -
H2 2014 - - - - - -
H1 2015 - - - - - -
H2 2015 - - - - - -
H1 2016 - - - - - -
H2 2016 - - - - - -
H1 2017 - - - - - -
H2 2017 - - - - - -
H1 2018 - - - - - -
H2 2018 - - - - - -
H1 2019 - - - - - -
H2 2019 - - - - - -
H1 2020 - - - - - -
H2 2020 - - - - - -
H1 2021 (1.32) - (0.88) - (1.32) (0.88)
H2 2021 2.90 - 0.83 - 2.90 0.83
H1 2022 4.87 468.5 % 1.39 1.76 3.11 0.89
H2 2022 (1.77) (161.2 %) (0.51) - (1.77) (0.51)
H1 2023 (4.03) (182.7 %) (1.15) - (4.03) (1.15)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 30.35 % 10.00 % 3.21 %
H1 2022 35.01 % 13.85 % 10.30 %
H2 2022 33.63 % 6.87 % 2.29 %
H1 2023 26.94 % (5.38 %) (10.91 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
H1 2014 - - - -
H2 2014 - - - -
H1 2015 - - - -
H2 2015 - - - -
H1 2016 - - - -
H2 2016 - - - -
H1 2017 - - - -
H2 2017 - - - -
H1 2018 - - - -
H2 2018 - - - -
H1 2019 - - - -
H2 2019 - - - -
H1 2020 - - - -
H2 2020 - - - -
H1 2021 1.50 - - 11.73
H2 2021 3.50 0.45 0.45 12.15
H1 2022 3.50 2.22 1.72 13.54
H2 2022 3.50 0.89 0.38 13.38
H1 2023 3.50 (1.66) (1.66) 11.73

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
H1 2014 - - -
H2 2014 - - -
H1 2015 - - -
H2 2015 - - -
H1 2016 - - -
H2 2016 - - -
H1 2017 - - -
H2 2017 - - -
H1 2018 - - -
H2 2018 - - -
H1 2019 - - -
H2 2019 - - -
H1 2020 - - -
H2 2020 - - -
H1 2021 - - -
H2 2021 - - -
H1 2022 - - -
H2 2022 - - -
H1 2023 NEG NEG 3.62

Business Segments (Million)

Compared With The
Period consulting services maintenance and technical support services sale of programs licenses Implementation of program licenses
Q2 2022 17.23 5.38 7.70 -
Q4 2022 14.80 6.35 6.94 -
Q2 2023 13.81 5.22 2.93 3.15


Financial Ratios
Current
Market Cap (M Riyal) 83.09
Enterprise Value (EV) (M) 70.52
Shares Outstanding ((M)) 3.50
Book Value (BV) ( Riyal) 11.29
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
Price/book 2.10
more

Share Price

Knowledge Net Co.
23.74
(0.64) (2.63 %)

Knowledge Net Co. (KNOWLEDGENET)

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