Saudi Knowledge Economic City trims losses by 56% in Q3

The decrease in net loss was attributed to higher revenue from sold units and reduced expenses.

  
A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

A Saudi trader observes the stock market on monitors at Falcom stock exchange agency in Riyadh, Saudi Arabia February 7, 2018.

REUTERS/Faisal Al Nasser

Riyadh – Knowledge Economic City (KEC) disclosed a 54.4% year-on-year fall in its net losses during the third quarter of 2019, registering SAR 5.4 million.

Revenues reached SAR 17.42 million in Q3-19, up 17.9% from SAR 14.7 million in Q3-18, according to a recent bourse statement.

The decrease in net loss was attributed to higher revenue from sold units and reduced expenses.

For the first nine months of 2019, KEC turned profitable achieving SAR 19.6 million, versus losses of SAR 34.8 million in the same period of the previous year.

On a yearly basis, total revenues of the Saudi-based company hiked by 244.3% to SAR 129.7 million during the nine-month period ended September.

By the end of September, profit per share stood at SAR 0.05, against a loss per share of SAR 0.103 in the same period last year.

Source: Mubasher

All Rights Reserved - Mubasher Info © 2005 - 2019 Provided by SyndiGate Media Inc. (Syndigate.info).

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.

More From Equities