KEC Incurs SAR 21 Million Loss by End-2024, Down 54%

Knowledge Economic City Co. (KEC) recorded on Tuesday losses of SAR 21 million by the end of 2024, compared to losses of SAR 45.5 million in 2023, a 54% decline. This came after today’s announcement of the preliminary financial results for the duration ending December 31, 2024.

The operational loss decreased by 58% to SAR 18 million by the end of 2024, compared to losses of SAR 43 million in 2023.

The shareholders’ equity (excluding non-controlling interests) for the current year declined by 0.46% to SAR 2.98 billion, compared to SAR 3 billion in 2023.

The loss per share for the current year amounted to SAR 0.06, compared to a loss of SAR 0.13 in 2023.

The Company stated in a statement today on Tadawul that the increase in sales during the current year, compared to last year is primarily due to the commencement of the sale of units in one of the Company’s new residential projects, in addition to the sale of land plots.