Knowledge City widens H1 2024 loss to SAR 38.7M; Q2 at SAR 25.1M

Knowledge City widens H1 2024 loss to SAR 38.7M; Q2 at SAR 25.1M

25/07/2024 Argaam Exclusive

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Knowledge Economic City’s (KEC) net losses widened to SAR 38.7 million in H1 2024 from SAR 11.9 million in the year-earlier period.



Financials (M)

Item 6m 2023 6m 2024 Change‬
Revenues 52.13 11.11 (78.7 %)
Gross Income 19.68 3.38 (82.8 %)
Operating Income (9.09) (37.88) (316.9 %)
Net Income (10.60) (38.70) (265.1 %)
Average Shares 339.30 339.30 -
EPS (Riyals) (0.03) (0.11) (265.1 %)

This was attributed to weak sales compared with a year earlier on completing the sale of all units available for sale related to one of the company's projects. The company also cited higher operating expenses.

 

Net losses also deepened in Q2 2024 to SAR 25.1 million from SAR 1.5 million in the year-earlier period, mainly due to lower sales and higher operating expenses.

 

On a sequential basis, Q2 2024 net loss grew by 84.9% from SAR 13.5 million in Q1 2024.



Current Quarter Comparison (M)

Compared With The
Item Q2 2023 Q2 2024 Change‬
Revenues 34.07 3.59 (89.5 %)
Gross Income 13.11 0.89 (93.2 %)
Operating Income (2.15) (21.43) (894.3 %)
Net Income (1.52) (25.11) (1,553.8 %)
Average Shares 339.30 339.30 -
EPS (Riyals) 0.00 (0.07) (1,553.8 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 2.97 billion by the end of H1 2024, compared to SAR 3.04 billion in the year-earlier period.

 

Accumulated losses at the end of H1 2024 amounted to SAR 421.61 million, representing 12% of the company’s capital.

View More Financial Results

 


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %
Q4 2022 17.11 91.3 % 4.93 174.6 % (12.32) 42.5 %
Q1 2023 18.05 14.8 % 6.57 34.5 % (6.93) 9.4 %
Q2 2023 34.07 148.9 % 13.11 190.7 % (2.15) 79.0 %
Q3 2023 10.68 5.2 % 3.40 (8.1 %) (14.09) (56.4 %)
Q4 2023 4.05 (76.3 %) (0.35) (107.0 %) (21.11) (71.3 %)
Q1 2024 7.52 (58.4 %) 2.49 (62.1 %) (16.46) (137.4 %)
Q2 2024 3.59 (89.5 %) 0.89 (93.2 %) (21.43) (894.3 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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)
Q4 2022 (8.65) 55.7 % (0.03) 2.79 (11.44) (0.03)
Q1 2023 (9.08) (35.0 %) (0.03) - (9.08) (0.03)
Q2 2023 (1.52) 82.4 % 0.00 - (1.52) 0.00
Q3 2023 (13.28) (386.8 %) (0.04) - (13.28) (0.04)
Q4 2023 (21.68) (150.6 %) (0.06) (4.61) (17.07) (0.05)
Q1 2024 (13.58) (49.6 %) (0.04) - (13.58) (0.04)
Q2 2024 (25.11) (1,553.8 %) (0.07) - (25.11) (0.07)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 % (33.07 %) (36.85 %)
Q3 2023 35.04 % (39.13 %) (44.20 %)
Q4 2023 33.99 % (61.16 %) (61.24 %)
Q1 2024 33.10 % (89.48 %) (80.69 %)
Q2 2024 24.86 % (268.54 %) (267.14 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q4 2023 339.30 (0.13) (0.12) 8.85
Q1 2024 339.30 (0.15) (0.13) 8.84
Q2 2024 339.30 (0.22) (0.20) 8.77

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2023 NEG NEG 1.58
Q1 2024 NEG NEG 1.97
Q2 2024 NEG NEG 1.61

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 - - - -
Q4 2023 4.05 - - - -
Q1 2024 7.52 - - - -
Q2 2024 3.59 - - - -


Financial Ratios
Current
Market Cap (M Riyal) 4,736.63
Enterprise Value (EV) (M) 5,942.06
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 1.60
Return on Average Assets (%) (TTM) (1.68 )
Return on Average Equity (%) (TTM) (2.31 )
more

Share Price

Knowledge Economic City
13.96
(0.08) (0.57 %)

Knowledge Economic City (KEC)

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