Riyadh – Mubasher: Knowledge Economic City inked a SAR 65.25 million construction contract for the skeleton of residential buildings in the first phase of the Al Alya Project on 18 June.
The mixed-use project holds a 14-month duration period that commences on 2 July 2023, according to a bourse disclosure.
The listed firm highlighted that the contractor dues will be paid in installments per monthly payment certificates based on work progress. In this regard, the financial impact is represented in the cash outflow for the amount payable to the contractor over a period of 14 months starting from the end of July 2023.
In the first quarter (Q1) of 2023, Knowledge Economic City incurred net losses after Zakat and tax amounting to SAR 9.08 million, higher by 34.97% than SAR 6.72 million in Q1-22.
Revenues climbed by 14.75% to SAR 18.05 million in Q1-23 from SAR 15.73 million a year earlier, while the loss per share increased to SAR 0.03 from SAR 0.02.
