KEC announces its consolidated interim financial results

20/01/2013 12:01 AST

Knowledge Economic City Company (KEC) announces its consolidated interim financial results for the period ended 31/12/2012:

1.Net loss during the fourth quarter amounted to SAR 27 million, compared to SAR 10 million for the corresponding quarter of the previous year, a 170% increase, and compared to a net profit amounting to SAR 9.6 million for the previous quarter.

2.Gross profit during the fourth quarter amounted to SAR 1.5 million, compared to SAR 3.1 million for the corresponding quarter of the previous year, a 51.6% decrease.

3.Operating loss during the fourth quarter amounted to SAR 17.8 million, compared to SAR 5.6 million for the corresponding quarter of the previous year, a 217.8% increase.

4.Net loss during the twelve months amounted to SAR 26.4 million, compared to SAR 154.7 million for the corresponding period of the previous year, an 82.9% decrease.

5.Loss per share during the twelve months amounted to SAR 0.07, compared to SAR 0.45 for the corresponding period of the previous year.

6.Gross profit during the twelve months amounted to SAR 30.6 million, compared to SAR 34.8 million during the corresponding period of the previous year, a 12% decrease.

7.Operating loss during the twelve months amounted to SAR 23.7 million, compared to SAR 30.4 million for the corresponding period of the previous year, a 22% decrease.

8.Increase in the companys loss during the fourth quarter compared to the corresponding quarter of the previous year is mainly due to the increase in operating expenses and zakat expenses, which approximately rose by SAR 10.6 million and SAR 9.6 million respectively.

9.Decrease in the companys loss during the twelve months compared to the corresponding period of the previous year is due to the write off of pre-operating expenses amounting to SAR 128.6 million during the previous year, noting that the latter was a long financial year, as per the companys Articles of Association, starting on July 27, 2010 (the date of the Ministerial Resolution) and ending on December 31, 2011.

10.The companys loss during the fourth quarter compared to the profit of the previous quarter of this year is due to absence of sufficient revenues realized in the current quarter, in addition to the increase in operating expenses and zakat expenses.

Tadawul