The financial statements of Knowledge Economic City Company showed the company's transformation in profitability in the past year compared to the losses of 2018.
According to the company’s results for the Saudi market (Tadawul) today, last year’s profits reached 18.15 million riyals, compared to 2018’s losses of 39.33 million riyals.
The company said in a statement to the stock exchange that the increase in profits is due to the increase in operating revenues related to units and lands sold and a reassessment of the fair value in a previously existing ownership interest in an associate resulting from a full purchase. The shares of the associate.
The company noted that it has implemented the international standard No. (16), where the impact of the application of this standard has been disclosed in Note No. (2) in the consolidated financial statements. < / p>
