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

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