The Knowledge Economic City Company recorded a profit after zakat and tax of 4.68 million riyals in the second quarter of 2021, compared to losses of about 324 thousand riyals, in the same quarter of 2020.
According to Arab Net, the Knowledge Economic City turned into a net profit in the second quarter of 2021, compared to losses of about 4.76 million riyals in the first quarter of 2021.
The company said in a statement on the Saudi Tadawul, today, Sunday, that the shift to profitability in the second quarter of 2021, compared to losses in the same quarter of the previous year, is due to the increase In other revenues resulting from liquidating a letter of guarantee for one of the contractors, amounting to 15.5 million riyals, which was affected by a decrease in the gross profit (revenues minus the cost of revenue) by 11 million riyals.
Knowledge City's losses decreased by 99% in the first half of this year, to 71 thousand riyals, compared to losses of about 7.08 million riyals in the first half of 2020.< /p>
The company stated that its accumulated losses amounted to about 294.64 million riyals at the end of the first half of 2021, equivalent to 8.7% of the capital of 3.393 billion riyals.
