Knowledge Economic City reports improved results for 4Q16 and 2016
Knowledge Economic City has reported its financial headlines for 4Q16. Revenue came in at SAR65.6mn (4Q15: SAR9.6mn); operating income at SAR32.4mn (4Q15: SAR6.3mn, 3Q16: SAR9.4mn, both in reported losses), while gross profit was at SAR49.2mn (4Q15: SAR0.7mn in losses, 3Q16: SAR1.5mn). Net income came in at SAR29.8mn (4Q15: SAR2.2mn, 3Q16: SAR7.2 in net loss). Revenue totaled SAR104.2mn (2015: SAR31mn) in 2016; operating income SAR16.3mn (2015: SAR21.7mn in losses), gross profit of SAR59.1mn (2015: SAR10.3mn), while net income totaled SAR15.2mn (2015: SAR11.5mn in net loss). Management attribute the improvement in profitability to the rise in revenue, without giving further details. (Tadawul)
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