Riyadh – Mubasher: Knowledge Economic City’s net losses after Zakat and tax reached SAR 6.72 million in the first quarter (Q1) of 2022, an annual increase of 41.46% from SAR 4.75 million.
The company generated SAR 15.73 million in revenue during the January-March 2022 period, lower by 36.13% than SAR 24.63 million in the same period a year earlier, according to the initial financial results on Sunday.
Moreover, the loss per share inched up to SAR 0.02 in Q1-22 from SAR 0.01 in Q1-21.
On a quarterly basis, the revenues in Q1-22 soared by 75.92% from SAR 8.94 million in Q4-21, while the net losses plunged by 65.52% from SAR 19.51 million.
Meanwhile, the accumulated losses totalled SAR 323.60 million, accounting for 9.54% of the SAR 3.39 billion capital, at the end of Q1-22.
It is worth noting that Knowledge Economic City suffered net losses after Zakat and tax of SAR 2.50 million in Q3-21, an 83.46% year-on-year (YoY) drop from SAR 15.13 million.
