Riyadh – Mubasher: The net losses after Zakat and tax of Knowledge Economic City widened by 34.97% to SAR 9.08 million in the first quarter (Q1) of 2023, compared to SAR 6.72 million in Q1-22.
The company generated revenues amounting to SAR 18.05 million during January-March 2023, an annual growth of 14.75% from SAR 15.73 million, according to the interim financial results.
Loss per share hit SAR 0.03 during Q1-23, higher than SAR 0.02 in the year-ago period.
On a quarterly basis, the Q1-23 net losses after Zakat and tax increased by 4.96% from SAR 8.65 million in Q4-22, while the revenues climbed by 5.51% from SAR 17.10 million.
Accumulated Losses
Knowledge Economic City incurred accumulated losses valued at SAR 345.11 million as of 31 March 2023, accounting for 10.17% of the SAR 3.39 billion capital.
Last year, the Saudi firm reported 12.22% lower net losses after Zakat and tax at SAR 19.38 million, versus SAR 22.08 million in 2021.
