Saudi Arabia’s Knowledge Economic City (KEC) narrowed its net loss for the first quarter of the year by 10.6% year-on-year to SAR 15.43 million ($4.11 million).

The lower net loss is due to a 68.7% jump in gross profit, which reached SAR 16.5 million. Revenue also went up 8.7% to SAR 55.4 million.

Total comprehensive loss stood at SAR 15.71 million, an improvement from the SAR 20.9 million loss in the first quarter of last year, the state-backed specialised economic zone reported on Monday.

(Writing by Cleofe Maceda; editing by Brinda Darasha)