Knowledge Economic City Company announces its consolidated financial results for the year ending 31/12/2011:
1. Net Loss amounted to SAR 154.7 million, while comparison to the previous year does not apply since the current year is the companys first financial year, starting July 27, 2010 (date of ministerial decree) and ending December 31, 2011.
2. Loss per share equalled SAR 0.456, while comparison to the same period of the previous year does not apply since the current year is the companys first financial year, starting July 27, 2010 (date of ministerial decree) and ending December 31, 2011.
3. Gross Profit amounted to SAR 34.8 million, while comparison to the previous year does not apply, since the current year is the companys first financial year, starting July 27, 2010 (date of ministerial decree) and ending December 31, 2011.
4. Operating Loss amounted to SAR 30.4 million, while comparison to the same quarter of the previous year does not apply since the current year is the companys first financial year, starting July 27, 2010 (date of ministerial decree) and ending December 31, 2011.
5. Net Loss is due to the absence of sales to cover operating expenses as the company projects are still under development and to the write-off of the entire pre-operating expenses amounting to SAR 128.6 million, noting that the first financial year of the company is a long year starting July 27, 2010 (date of ministerial decree) and ending December 31, 2011, as per the companys Articles of Association.
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.