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Knowledge Net Co. announces its Annual Financial results for the period ending on 2024-12-31
| Element List | Current Year | Previous Year | %Change | ||
|---|---|---|---|---|---|
| Sales/Revenue | 58,693,341 | 49,890,058 | 17.64 | ||
| Gross Profit (Loss) | 25,138,430 | 17,814,882 | 41.11 | ||
| 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) | 64,693,762 | 39,508,691 | 63.74 | ||
| Profit (Loss) per Share | 7.2 | -1.5 | |||
| All figures are in (Actual) Saudi Arabia, Riyals | |||||
| Element List | Amount | Percentage of the capital (%) | |
|---|---|---|---|
| Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value | - | - | |
| All figures are in (Actual) Saudi Arabia, Riyals | |||
| Element List | Explanation |
|---|---|
| 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. |
| Additional Information | - |
The Capital Market Authority and Saudi Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.
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