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KNOWLEDGENET

01 May, 2025 21:45

Knowledge Net Co. announces its Annual Financial results for the period ending on 2024-12-31

Element ListCurrent YearPrevious Year%Change
Sales/Revenue 58,693,34149,890,05817.64
Gross Profit (Loss) 25,138,43017,814,88241.11
Operational Profit (Loss) 4,067,882-5,005,598-
Net profit (Loss) 46,697,319-6,873,776-
Total Comprehensive Income 45,352,452-7,137,423-
Total Shareholders Equity (after Deducting Minority Equity) 64,693,76239,508,69163.74
Profit (Loss) per Share 7.2-1.5
All figures are in (Actual) Saudi Arabia, Riyals


Element ListAmountPercentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value --
All figures are in (Actual) Saudi Arabia, Riyals


Element ListExplanation
The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year Operating revenues from core activities grew by approximately 18% in 2024, driven by improved performance and increased demand for the company’s products and services, along with the opening of a new market and expansion in existing markets. This contributed to broadening the customer base and diversifying income sources.
The reason of the increase (decrease) in the net profit during the current year compared to the last year is 1. The performance of subsidiaries and affiliates improved, with a reduction in their operating losses compared to 2023, which positively impacted the group’s consolidated results and increased their contribution to overall profitability. 2. Cost efficiency and executive management were enhanced through the reorganization of the administrative structure and improved operational efficiency. This enabled the company to implement its plans with greater flexibility, higher efficiency, and lower marginal costs, positively reflecting on profitability and overall performance. 3. Non-recurring Net profits (Before NCI) of 36,862,778 million Saudi riyals were realized in 2024 (Net of impairment) as a result of completing the sale of the company’s shares in affiliated startups, as part of a strategy to redirect investments and enhance returns. This move generated additional income recorded in the year's profits, with proceeds received in the form of investment units in the Saudi Technology Fund.
Statement of the type of external auditor's report Unmodified opinion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion) NO
Reclassification of Comparison Items Some of the prior year figures have been reclassified to conform to the current year’s presentation.
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