Knowledge City deepens losses to SAR 6.7 mln in Q1 2022

Knowledge City deepens losses to SAR 6.7 mln in Q1 2022

22/05/2022 Argaam Exclusive

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Knowledge Economic City Co. (KEC) widened net losses after Zakat and tax to SAR 6.7 million for the first quarter of 2022, from SAR 4.6 million a year earlier. 



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 24.63 15.73 (36.1 %)
Gross Income 6.57 4.88 (25.7 %)
Operating Income (3.28) (7.65) (133.4 %)
Net Income (4.76) (6.73) (41.5 %)
Average Shares 339.30 339.30 -
EPS (Riyals) (0.01) (0.02) (41.5 %)

The higher losses were attributed to a decline in revenue in the current quarter. Gross profit also decreased by SAR 1.7 million year on year (YoY), as the Q1 2021 revenue included the sales generated from selling most residential units that belong to one of the group’s income-generating projects.

 

However, the group also started the sale of a new residential project "Townhouse" from December 2021, which will have positive impact on its revenue for the upcoming periods.

 

The group also cited the commencement of construction at two KEC Hub and Madinah Gate projects, which resulted in higher operating expenses (OPEX).

Compared to Q4 2021, the company trimmed net losses after Zakat and tax by 65.5% from SAR 19.5 million, thanks to a decline in OPEX from the KEC Hub and Madinah Gate projects.

 

Shareholders’ equity, after minority interest, edged down 0.7 % to SAR 3.069 billion by the end of Q1 2022, from SAR 3.093 billion in the year-ago period.

 

Accumulated losses came in at SAR 323.606 million by the end of the three-month period, accounting for 9.54% of the company’s capital.

 

View more financial results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2013 5.99 49.0 % 2.56 43.1 % (5.97) 29.6 %
Q2 2013 8.88 (66.5 %) 3.52 (79.0 %) (6.27) (256.7 %)
Q3 2013 18.92 (66.8 %) 5.12 (87.2 %) (0.42) (101.5 %)
Q4 2013 4.38 (12.6 %) (0.33) 80.1 % (6.43) 64.4 %
Q1 2014 21.67 261.7 % 4.51 75.8 % (1.77) 70.4 %
Q2 2014 27.56 210.4 % 7.64 117.2 % 0.55 108.8 %
Q3 2014 12.72 (32.8 %) 4.19 (18.1 %) (1.73) (312.9 %)
Q4 2014 10.82 147.3 % (6.15) (1,740.7 %) (14.63) (127.7 %)
Q1 2015 4.11 (81.0 %) (0.74) (116.4 %) (7.44) (320.6 %)
Q2 2015 10.23 (62.9 %) 4.27 (44.1 %) (2.53) (559.3 %)
Q3 2015 7.04 (44.6 %) 2.75 (34.4 %) (10.17) (488.0 %)
Q4 2015 9.59 (11.4 %) (0.74) 87.9 % (6.26) 57.2 %
Q1 2016 5.36 30.5 % (0.34) 54.3 % (6.21) 16.6 %
Q2 2016 29.90 192.4 % 17.08 299.9 % 7.76 406.5 %
Q3 2016 4.19 (40.6 %) (0.29) (110.4 %) (11.26) (10.7 %)
Q4 2016 65.86 587.0 % 40.98 5630.4 % 24.25 487.6 %
Q1 2017 8.69 61.9 % 1.69 600.6 % (8.07) (30.0 %)
Q2 2017 8.43 (71.8 %) 0.61 (96.4 %) (8.98) (215.7 %)
Q3 2017 4.18 (0.2 %) (2.03) (606.3 %) (12.07) (7.2 %)
Q4 2017 2.58 (96.1 %) 5.17 (87.4 %) 1.37 (94.3 %)
Q1 2018 7.26 (16.4 %) (0.91) (153.8 %) (12.74) (58.0 %)
Q2 2018 15.64 85.4 % 2.64 334.5 % (7.44) 17.2 %
Q3 2018 14.77 253.7 % 2.94 245.0 % (13.17) (9.0 %)
Q4 2018 33.46 1196.2 % 8.59 66.1 % (4.28) (411.9 %)
Q1 2019 82.14 1031.5 % 30.01 3393.7 % 18.77 247.3 %
Q2 2019 27.75 77.5 % 6.34 139.9 % (6.19) 16.8 %
Q3 2019 17.16 16.2 % 4.72 60.7 % (4.19) 68.2 %
Q4 2019 26.58 (20.5 %) 4.35 (49.4 %) (4.89) (14.3 %)
Q1 2020 23.19 (71.8 %) 5.06 (83.1 %) (5.37) (128.6 %)
Q2 2020 58.99 112.6 % 12.89 103.3 % 3.53 157.0 %
Q3 2020 9.90 (42.3 %) 1.12 (76.3 %) (9.63) (129.8 %)
Q4 2020 20.58 (22.6 %) 6.45 48.2 % (3.81) 22.1 %
Q1 2021 24.63 6.2 % 6.57 29.9 % (3.28) 39.0 %
Q2 2021 7.39 (87.5 %) 2.03 (84.3 %) (9.18) (359.9 %)
Q3 2021 1.50 (84.9 %) 0.08 (93.1 %) (12.25) (27.2 %)
Q4 2021 8.94 (56.6 %) 1.80 (72.1 %) (21.43) (462.2 %)
Q1 2022 15.73 (36.1 %) 4.88 (25.7 %) (7.65) (133.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2013 (8.14) 2.3 % (0.02) - (8.14) (0.02)
Q2 2013 (3.02) (287.3 %) (0.01) - (3.02) (0.01)
Q3 2013 1.72 (82.3 %) 0.01 - 1.72 0.01
Q4 2013 9.07 134.1 % 0.03 - 9.07 0.03
Q1 2014 (2.49) 69.4 % (0.01) - (2.49) (0.01)
Q2 2014 15.53 614.7 % 0.05 - 15.53 0.05
Q3 2014 15.93 826.8 % 0.05 - 15.93 0.05
Q4 2014 (57.15) (730.3 %) (0.17) (28.65) (28.50) (0.08)
Q1 2015 (4.81) (93.2 %) (0.01) - (4.81) (0.01)
Q2 2015 (3.11) (120.0 %) (0.01) - (3.11) (0.01)
Q3 2015 (5.74) (136.1 %) (0.02) - (5.74) (0.02)
Q4 2015 2.19 103.8 % 0.01 - 2.19 0.01
Q1 2016 (7.46) (55.1 %) (0.02) - (7.46) (0.02)
Q2 2016 8.55 375.1 % 0.03 - 8.55 0.03
Q3 2016 (9.12) (58.8 %) (0.03) - (9.12) (0.03)
Q4 2016 22.04 906.7 % 0.06 - 22.04 0.06
Q1 2017 (6.90) 7.5 % (0.02) - (6.90) (0.02)
Q2 2017 (9.20) (207.6 %) (0.03) - (9.20) (0.03)
Q3 2017 (11.69) (28.1 %) (0.03) - (11.69) (0.03)
Q4 2017 9.11 (58.7 %) 0.03 12.26 (3.15) (0.01)
Q1 2018 (13.48) (95.4 %) (0.04) - (13.48) (0.04)
Q2 2018 (8.86) 3.7 % (0.03) - (8.86) (0.03)
Q3 2018 (12.47) (6.7 %) (0.04) - (12.47) (0.04)
Q4 2018 (3.14) (134.5 %) (0.01) - (3.14) (0.01)
Q1 2019 19.56 245.1 % 0.06 (0.45) 20.01 0.06
Q2 2019 5.48 161.9 % 0.02 20.57 (15.09) (0.04)
Q3 2019 (5.43) 56.4 % (0.02) - (5.43) (0.02)
Q4 2019 (1.45) 53.8 % 0.00 - (1.45) 0.00
Q1 2020 (6.76) (134.5 %) (0.02) - (6.76) (0.02)
Q2 2020 (0.32) (105.9 %) 0.00 - (0.32) 0.00
Q3 2020 (15.14) (178.7 %) (0.04) - (15.14) (0.04)
Q4 2020 (3.51) (142.0 %) (0.01) - (3.51) (0.01)
Q1 2021 (4.76) 29.6 % (0.01) - (4.76) (0.01)
Q2 2021 4.69 1546.0 % 0.01 15.50 (10.82) (0.03)
Q3 2021 (2.50) 83.5 % (0.01) 10.30 (12.80) (0.04)
Q4 2021 (19.51) (456.1 %) (0.06) (0.11) (19.41) (0.06)
Q1 2022 (6.73) (41.5 %) (0.02) - (6.73) (0.02)

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 %)


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

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

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 - - - -

Current
Market Cap (M Riyal) 4,851.99
Enterprise Value (EV) (M) 6,057.42
Shares Outstanding ((M)) 339.30
EPS ( Riyal) (TTM) (0.20)
Book Value (BV) ( Riyal) 8.71
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.64
Return on Average Assets (%) (TTM) (1.68 )
Return on Average Equity (%) (TTM) (2.31 )

Share Price

14.30
(0.02) (0.14 %)

Knowledge Economic City (KEC)


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