Knowledge EC expands 9M losses to SAR 23.9 mln; Q3 at SAR 13.3 mln

Knowledge EC expands 9M losses to SAR 23.9 mln; Q3 at SAR 13.3 mln

06/11/2023 Argaam Exclusive

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Knowledge Economic City Co. reported a net loss of SAR 23.9 million for the first nine months of 2023, compared to a loss of SAR 10.7 million a year earlier.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 39.58 62.81 58.7 %
Gross Income 13.09 23.07 76.3 %
Operating Income (26.94) (23.18) 14.0 %
Net Income (10.74) (23.88) (122.4 %)
Average Shares 339.30 339.30 -
EPS (Riyals) (0.03) (0.07) (122.4 %)

The losses deepened as a gain from fair value measurement of derivative instrument, amounting to SAR 11.8 million, was recorded as a one-time income in 9M 2022.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 10.16 10.68 5.2 %
Gross Income 3.70 3.40 (8.1 %)
Operating Income (9.01) (14.09) (56.4 %)
Net Income 4.63 (13.28) (386.8 %)
Average Shares 339.30 339.30 -
EPS (Riyals) 0.01 (0.04) (386.8 %)

The company turned to a loss of SAR 13.3 million in Q3 2023, against a profit of SAR 4.63 million in Q3 2022, also due to recording a one-time income in the previous period.

 

Sequentially, Knowledge EC widened losses from SAR 1.52 million in Q2 2023 on lower sales.

 

Total shareholders’ equity, after minority interest, fell to SAR 3.04 billion as of Sept. 30, 2023, from SAR 3.06 billion a year earlier.

 

Accumulated losses stood at SAR 359.91 million at the end of the nine-month period representing 10.6% of capital.



Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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)
Q1 2023 18.05 14.8 % 6.57 34.5 % (9.08) (35.0 %) (0.03)
Q2 2023 34.07 148.9 % 13.11 190.7 % (1.52) 82.4 % 0.00
Q3 2023 10.68 5.2 % 3.40 (8.1 %) (13.28) (386.8 %) (0.04)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %)
Q1 2023 33.39 % (58.94 %) (61.65 %)
Q2 2023 35.65 % (32.66 %) (36.85 %)
Q3 2023 35.04 % (39.13 %) (44.20 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q1 2023 339.30 (0.06) (0.11) 8.97
Q2 2023 339.30 (0.04) (0.09) 8.98
Q3 2023 339.30 (0.10) (0.10) 8.97

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q1 2023 NEG NEG 1.63
Q2 2023 NEG NEG 1.67
Q3 2023 NEG NEG 1.73

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 - - - -
Q1 2023 18.05 - - - -
Q2 2023 34.07 - - - -
Q3 2023 10.68 - - - -

Current
Market Cap (M Riyal) 4,716.27
Enterprise Value (EV) (M) 5,542.50
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 1.57
Return on Average Assets (%) (TTM) (1.30 )
Return on Average Equity (%) (TTM) (1.66 )

Share Price

13.90
0.00 0.00 %

Knowledge Economic City (KEC)


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