Knowledge Net losses reach SAR 4.6 million during H1

Knowledge Net Co. recorded a loss of SAR 4.6 million after zakat and tax during the first half, compared to a profit of SAR 4.2 million in the same half of last year. This came after the announcement on Monday of the interim financial results for the period ended on June 30 (6 months).

The operational loss amounted to SAR 4.6 million during the current period, compared to a profit of SAR 1.8 million in the same half of the previous year.

The total profit reached SAR 4.6 million in the current period, compared to SAR 10 million in the same period last year, a decrease of 53.5%.

The loss per share amounted to SAR 1.24 in the current period, compared to a profit of SAR 1.39 in the same period last year.

1- Decrease in licenses for new programs that have high profitability, as sales of these programs do not proceed at a regular pace during the year.

2-Increase the sales team to support the company’s expansion and growth plan and sell new products.

3- The increase in operating expenses, which was reflected in the loss, is due to the investment in some subsidiaries in the spending phase, at a cost of SAR 2,932,439, which did not start to generate revenues in the first half of 2023.

4- During the same period of the previous year, the company achieved a non-recurring income of SAR 2,759,243, which is profits from the sale of an investment in a subsidiary company and profits from the sale of financial assets.