Saudi developer KEC sees losses widen by 317% despite higher revenue 

Tue, 2022-11-08 19:42

RIYADH: Saudi Arabia’s Knowledge Economic City has widened losses by 317 percent in the first nine months of 2022 despite recording higher revenues.

The company’s net losses expanded to SR11 million ($3 million) during the first nine-months period, compared to losses SR3 million in the same period last year, according to a bourse filing.

The losses were attributed to the liquidation of one contractor’s letter of guarantee amounting to SR25.8 million, the company said.

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