Knowledge City deepens 9M 2022 loss to SAR 10.7 mln; Q3 profit at SAR 4.6 mln

Knowledge City deepens 9M 2022 loss to SAR 10.7 mln; Q3 profit at SAR 4.6 mln

08/11/2022 Argaam Exclusive

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Knowledge Economic City (Knowledge City) widened net losses after Zakat and tax to SAR 10.7 million in the first nine months of 2022, from SAR 2.6 million in the year-earlier period.

 

The company widened its net loss due to other income resulting from liquidation of a letter of guarantee of a contractor amounting to SAR 25.8 million. This came despite the increase in gross profit due to higher sales.



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 33.51 39.58 18.1 %
Gross Income 8.68 13.09 50.9 %
Operating Income (24.70) (26.94) (9.1 %)
Net Income (2.58) (10.74) (317.0 %)
Average Shares 339.30 339.30 -
EPS (Riyals) (0.01) (0.03) (317.0 %)

In Q3 2022, the company turned to a net profit after Zakat and tax of SAR 4.6 million, against a net loss after Zakat and tax of SAR 2.5 million in Q3 2021, on higher sales and realizing income from derivative instruments.

 

Compared to Q2 2022, Knowledge City turned to profit against a loss of SAR 8.6 million.



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 1.50 10.16 579.3 %
Gross Income 0.08 3.70 4701.3 %
Operating Income (12.25) (9.01) 26.5 %
Net Income (2.50) 4.63 285.0 %
Average Shares 339.30 339.30 -
EPS (Riyals) (0.01) 0.01 285.0 %

Total shareholders’ equity, excluding minority interest, dropped to SAR 3.065 billion as of Sept. 30, 2022, from SAR 3.096 billion a year earlier.

 

Accumulated losses stood at SAR 327.615 million by the end of the nine-month period, representing 9.66% of the company’s capital.



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 %)
Q2 2022 13.69 85.4 % 4.51 122.6 % (10.28) (12.0 %)
Q3 2022 10.16 579.3 % 3.70 4701.3 % (9.01) 26.5 %


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)
Q2 2022 (8.64) (284.4 %) (0.03) - (8.64) (0.03)
Q3 2022 4.63 285.0 % 0.01 11.85 (7.21) (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 %)
Q2 2022 28.26 % (121.65 %) (119.37 %)
Q3 2022 30.68 % (93.25 %) (86.54 %)


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

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

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 - - - -

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
0.00 0.00 %

Knowledge Economic City (KEC)


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