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Knowledge Economic City announces its Interim Financial Results for the Period Ending on 2020-03-31 ( Three Months )

Element ListCurrent QuarterSimilar quarter for previous year%ChangePrevious Quarter% Change
Sales/Revenue 24,93182,135-69.64631,935-21.932
Gross Profit (Loss) 5,54830,006-81.515,1108.571
Operational Profit (Loss) -5,01319,802--3,58339.91
Net Profit (Loss) after Zakat and Tax -5,29019,564--1,453264.074
Total Comprehensive Income -5,29019,630--1,067395.782
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListCurrent PeriodSimilar period for previous year%Change
Total Share Holders Equity (after Deducting Minority Equity) 3,117,9883,124,292-0.201
Profit (Loss) per Share -0.0160.058
All figures are in (Thousands) Saudi Arabia, Riyals
Accumulated LossesCapitalPercentage %
-275,0123,393,000-8.11
All figures are in (Thousands) Saudi Arabia, Riyals
Element ListExplanation
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed to The losses in the current quarter corresponding with profit for the same quarter of the last year is due to reduction in revenue in the current quarter.
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed to The increase in the net loss of the Company during the current quarter compared to the previous period is due to decrease in revenue.
Basis of the External Auditor's Opinion Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion None.
Reclassification of Comparison Items None.
Additional Information The figures used for the comparison of Q1 2020 with previous quarter were based on Q4 2019 unaudited financials, and corresponding quarter of the previous year 2019 unaudited financials.

IMPACT OF CORONAVIRUS (COVID-19) PANDEMIC

The spread of coronavirus (COVID-19) across multiple geographies was confirmed in early 2020, causing significant macro-economic uncertainty, disruptions to businesses and economic activities.

The Group does not expect any impact on the balances as of March 31, 2020 especially around impairment of investment and development properties due to the nature of properties and margins. The management and those charged with governance will continue to monitor the situation and accordingly update all stakeholders as soon as more information is available. Further based on the financial position and likely scenarios assessed, the management does not believe any issues in relation to going concern.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

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