Knowledge City posts SAR 25 mln profit in H1 2019

05/08/2019 Argaam Exclusive

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Share Price

14.66
0.26 1.81 %

Knowledge Economic City (KEC)

Knowledge Economic City reported a net profit after zakat and tax of SAR 25 million for H1 2019, versus net losses of SAR 22.3 million a year earlier on higher revenue and reassessment of equity investments.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 22.90 108.02 371.7 %
Gross Income 1.73 37.29 2054.0 %
Operating Income (20.18) 13.57 167.3 %
Net Income (22.35) 25.05 212.1 %
Average Shares 339.30 339.30 -
EPS (Riyals) (0.07) 0.07 212.1 %

In Q2 2019, the company turned to a net profit after zakat and tax of SAR 5.5 million versus net losses of SAR 8.9 million in the same period last year. The quarterly profit was driven by higher revenue from selling units.

 

When compared to the previous quarter, net profit slumped 72 percent hit by a decline in revenue.



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 15.64 27.75 77.5 %
Gross Income 2.64 6.34 139.9 %
Operating Income (7.44) (6.19) 16.8 %
Net Income (8.86) 5.48 161.9 %
Average Shares 339.30 339.30 -
EPS (Riyals) (0.03) 0.02 161.9 %


Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
Q1 2010 - - - - - - -
Q2 2010 - - - - - - -
Q3 2010 - - - - - - -
Q4 2010 - - - - - - -
Q1 2011 86.22 - 63.38 - 20.19 - 0.06
Q2 2011 - - - - (9.28) - (0.03)
Q3 2011 - - - - (9.96) - (0.03)
Q4 2011 7.72 - 3.13 - (10.08) - (0.03)
Q1 2012 4.02 (95.3 %) 1.79 (97.2 %) (8.33) (141.3 %) (0.02)
Q2 2012 26.52 - 16.79 - (0.78) 91.6 % 0.00
Q3 2012 57.04 - 40.04 - 9.69 197.3 % 0.03
Q4 2012 5.00 (35.2 %) (1.68) (153.7 %) (26.63) (164.1 %) (0.08)
Q1 2013 5.99 49.0 % 2.56 43.1 % (8.14) 2.3 % (0.02)
Q2 2013 8.88 (66.5 %) 3.52 (79.0 %) (3.02) (287.3 %) (0.01)
Q3 2013 18.92 (66.8 %) 5.12 (87.2 %) 1.72 (82.3 %) 0.01
Q4 2013 4.38 (12.6 %) (0.33) 80.1 % 9.07 134.1 % 0.03
Q1 2014 21.67 261.7 % 4.51 75.8 % (2.49) 69.4 % (0.01)
Q2 2014 27.56 210.4 % 7.64 117.2 % 15.53 614.7 % 0.05
Q3 2014 12.72 (32.8 %) 4.19 (18.1 %) 15.93 826.8 % 0.05
Q4 2014 10.82 147.3 % (6.15) (1,740.7 %) (57.15) (730.3 %) (0.17)
Q1 2015 4.11 (81.0 %) (0.74) (116.4 %) (4.81) (93.2 %) (0.01)
Q2 2015 10.23 (62.9 %) 4.27 (44.1 %) (3.11) (120.0 %) (0.01)
Q3 2015 7.04 (44.6 %) 2.75 (34.4 %) (5.74) (136.1 %) (0.02)
Q4 2015 9.59 (11.4 %) (0.74) 87.9 % 2.19 103.8 % 0.01
Q1 2016 5.36 30.5 % (0.34) 54.3 % (7.46) (55.1 %) (0.02)
Q2 2016 29.90 192.4 % 17.08 299.9 % 8.55 375.1 % 0.03
Q3 2016 4.19 (40.6 %) (0.29) (110.4 %) (9.12) (58.8 %) (0.03)
Q4 2016 65.86 587.0 % 40.98 5630.4 % 22.04 906.7 % 0.06
Q1 2017 8.69 61.9 % 1.69 600.6 % (6.90) 7.5 % (0.02)
Q2 2017 8.43 (71.8 %) 0.61 (96.4 %) (9.20) (207.6 %) (0.03)
Q3 2017 4.18 (0.2 %) (2.03) (606.3 %) (11.69) (28.1 %) (0.03)
Q4 2017 2.58 (96.1 %) 5.17 (87.4 %) 9.11 (58.7 %) 0.03
Q1 2018 7.26 (16.4 %) (0.91) (153.8 %) (13.48) (95.4 %) (0.04)
Q2 2018 15.64 85.4 % 2.64 334.5 % (8.86) 3.7 % (0.03)
Q3 2018 14.77 253.7 % 2.94 245.0 % (12.47) (6.7 %) (0.04)
Q4 2018 33.46 1196.2 % 8.59 66.1 % (3.14) (134.5 %) (0.01)
Q1 2019 82.14 1031.5 % 30.01 3393.7 % 19.56 245.1 % 0.06
Q2 2019 27.75 77.5 % 6.34 139.9 % 5.48 161.9 % 0.02

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - -
Q2 2011 - - -
Q3 2011 - - -
Q4 2011 70.80 % 23.71 % (9.72 %)
Q1 2012 41.88 % (309.15 %) (320.76 %)
Q2 2012 56.72 % (51.57 %) (76.18 %)
Q3 2012 64.79 % 22.25 % (9.97 %)
Q4 2012 61.50 % 8.80 % (28.13 %)
Q1 2013 61.04 % 11.49 % (27.35 %)
Q2 2013 57.79 % 1.09 % (36.53 %)
Q3 2013 24.55 % (72.81 %) (92.97 %)
Q4 2013 28.48 % (43.36 %) (0.97 %)
Q1 2014 23.79 % (22.71 %) 9.81 %
Q2 2014 23.35 % (7.42 %) 32.85 %
Q3 2014 24.13 % (9.99 %) 57.36 %
Q4 2014 14.01 % (20.36 %) 0.65 %
Q1 2015 8.96 % (37.39 %) (3.34 %)
Q2 2015 4.16 % (62.92 %) (54.09 %)
Q3 2015 0.41 % (100.25 %) (130.94 %)
Q4 2015 17.89 % (77.46 %) (37.04 %)
Q1 2016 18.44 % (70.62 %) (43.82 %)
Q2 2016 36.14 % (23.94 %) (4.74 %)
Q3 2016 32.05 % (27.68 %) (11.91 %)
Q4 2016 54.54 % 16.00 % 13.30 %
Q1 2017 54.74 % 13.76 % 13.41 %
Q2 2017 49.32 % (2.04 %) (3.66 %)
Q3 2017 47.33 % (2.81 %) (6.60 %)
Q4 2017 22.81 % (105.79 %) (129.60 %)
Q1 2018 12.66 % (133.23 %) (167.16 %)
Q2 2018 16.45 % (95.93 %) (125.40 %)
Q3 2018 24.46 % (73.89 %) (94.33 %)
Q4 2018 18.65 % (49.88 %) (53.36 %)
Q1 2019 30.26 % (2.49 %) (3.05 %)
Q2 2019 30.28 % (1.34 %) (6.76 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2010 - - - -
Q2 2010 - - - -
Q3 2010 - - - -
Q4 2010 - - - -
Q1 2011 339.30 - - 9.54
Q2 2011 339.30 - - 9.52
Q3 2011 339.30 - - 9.49
Q4 2011 339.30 (0.03) (0.03) 9.46
Q1 2012 339.30 (0.11) (0.11) 9.43
Q2 2012 339.30 (0.09) (0.09) 9.43
Q3 2012 339.30 (0.03) (0.03) 9.46
Q4 2012 339.30 (0.08) (0.08) 9.38
Q1 2013 339.30 (0.08) (0.08) 9.36
Q2 2013 339.30 (0.08) (0.08) 9.35
Q3 2013 339.30 (0.11) (0.11) 9.35
Q4 2013 339.30 0.00 0.00 9.38
Q1 2014 339.30 0.02 0.02 9.37
Q2 2014 339.30 0.07 0.07 9.42
Q3 2014 339.30 0.11 0.11 9.47
Q4 2014 339.30 (0.08) 0.00 9.30
Q1 2015 339.30 (0.09) (0.01) 9.28
Q2 2015 339.30 (0.14) (0.06) 9.27
Q3 2015 339.30 (0.21) (0.12) 9.26
Q4 2015 339.30 (0.03) (0.03) 9.26
Q1 2016 339.30 (0.04) (0.04) 9.26
Q2 2016 339.30 (0.01) (0.01) 9.28
Q3 2016 339.30 (0.02) (0.02) 9.26
Q4 2016 339.30 0.04 0.04 9.32
Q1 2017 339.30 0.04 0.04 9.30
Q2 2017 339.30 (0.01) (0.01) 9.27
Q3 2017 339.30 (0.02) (0.02) 9.24
Q4 2017 339.30 (0.06) (0.09) 9.26
Q1 2018 339.30 (0.07) (0.11) 9.22
Q2 2018 339.30 (0.07) (0.11) 9.20
Q3 2018 339.30 (0.08) (0.11) 9.16
Q4 2018 339.30 (0.11) (0.11) 9.15
Q1 2019 339.30 (0.01) (0.01) 9.21
Q2 2019 339.30 0.03 (0.03) 9.22

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2010 - - -
Q2 2010 - - -
Q3 2010 - - -
Q4 2010 - - -
Q1 2011 - - 0.79
Q2 2011 - - 0.85
Q3 2011 - - 0.80
Q4 2011 NEG NEG 1.16
Q1 2012 NEG NEG 2.01
Q2 2012 NEG NEG 1.59
Q3 2012 NEG NEG 1.52
Q4 2012 NEG NEG 1.34
Q1 2013 NEG NEG 1.55
Q2 2013 NEG NEG 1.51
Q3 2013 NEG NEG 1.59
Q4 2013 NEG NEG 1.89
Q1 2014 More than 50 More than 50 2.26
Q2 2014 More than 50 More than 50 2.17
Q3 2014 More than 50 More than 50 2.54
Q4 2014 NEG More than 50 1.82
Q1 2015 NEG NEG 2.47
Q2 2015 NEG NEG 2.94
Q3 2015 NEG NEG 1.80
Q4 2015 NEG NEG 1.67
Q1 2016 NEG NEG 1.47
Q2 2016 NEG NEG 1.56
Q3 2016 NEG NEG 1.35
Q4 2016 More than 50 More than 50 1.94
Q1 2017 More than 50 More than 50 1.88
Q2 2017 NEG NEG 1.69
Q3 2017 NEG NEG 1.57
Q4 2017 NEG NEG 1.38
Q1 2018 NEG NEG 1.30
Q2 2018 NEG NEG 1.25
Q3 2018 NEG NEG 1.24
Q4 2018 NEG NEG 0.99
Q1 2019 NEG NEG 1.06
Q2 2019 More than 50 NEG 1.06

Business Segments (Million)

Compared With The
Period Real estate development Property management & consulting services Held for sale Learning and training of operational staff Dicontinued operation
Q2 2015 - 4.96 - 5.27 -
Q3 2015 - 4.63 - 2.41 -
Q4 2015 - 7.84 - 1.74 -
Q1 2016 0.27 4.75 - 0.34 -
Q2 2016 19.63 8.19 - 2.08 -
Q3 2016 0.27 2.00 - 1.91 -
Q4 2016 50.27 7.21 - 8.39 -
Q1 2017 0.27 3.28 - 5.14 -
Q2 2017 0.27 4.13 - 4.04 -
Q3 2017 0.27 2.80 - 1.10 -
Q4 2017 7.57 5.04 - 5.22 -
Q1 2018 6.93 1.96 - 0.33 (1.96)
Q2 2018 14.14 - - 1.50 -
Q3 2018 13.49 2.76 - 1.27 -
Q4 2018 30.03 2.91 - 3.43 (2.91)
Q1 2019 79.74 - - 2.39 -
Q2 2019 28.27 - 4.26 (2.39) -

Current
Market Cap (M Riyal) 4,974.14
Enterprise Value (EV) (M) 5,476.37
Shares Outstanding ((M)) 339.30
EPS ( Riyal) (TTM) (0.15)
Book Value (BV) ( Riyal) 8.84
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) Neg
P/E (TTM) NEG
Price/book 1.66
Return on Average Assets (%) (TTM) (1.35 )
Return on Average Equity (%) (TTM) (1.66 )

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