KEC announces its consolidated annual finacial results

25/02/2013 09:07 AST

Knowledge Economic City Company - KEC announces its consolidated annual financial results for the period ended 31/12/2012:

1.Net loss amounted to SAR 26 million, compared to SAR 154.7 million for the previous year, an 83.1% decrease.

2.Loss per share amounted to SAR 0.07, compared to SAR 0.45 for the previous year.

3.Gross profit amounted to SAR 28.2 million, compared to SAR 34.8 million for the previous year, an 18.9% decrease.

4.Operating loss amounted to SAR 23 million, compared to SAR 30.4 million for the previous year, a 24.3% decrease.

5.Decrease in the companys loss during the period compared to the corresponding period of the previous year is due to the write off of pre-operating expenses amounting to SAR 128.6 million during the previous year, noting that the latter was a long financial year, as per the companys Articles of Association, starting on July 27, 2010 (the date of the Ministerial Resolution) and ending on December 31, 2011.


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