ZAWYA-NEWS: Saudi’s Knowledge Economic City narrows Q1 loss to $4.11mln

KEC

KEC

4310.SA

0.00

Staff Writer

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)

Disclaimer: This article is provided for informational purposes only. The content does not provide tax, legal or investment advice or opinion regarding the suitability, value or profitability of any particular security, portfolio or investment strategy. Read our full disclaimer policy here.  

This page is machine-translated. Sahm tries to improve but does not guarantee the accuracy and reliability of the translation, and will not be liable for any loss or damage caused by any inaccuracy or omission of the translation. *Disclaimer: The above content only represents the author's personal position and opinion and does not represent any position of Sahm Capital Financial Company and Sahm cannot confirm the authenticity, accuracy, and originality of the above content. Investors should consider the risks of investment products in light of their circumstances before making any investment decisions. When necessary, please consult a professional investment advisor. Sahm does not provide any investment advice, nor does it make any commitments and guarantees.