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RIYADH: Saudi Arabian developer Knowledge Economic City narrowed losses by 14 percent to SR22 million ($5.87 million) in 2021, according to a bourse filing.
The company attributed the reduction in net loss to an addition of SR26 million in other income following the liquidation of letters of guarantee with a contractor.
Although revenues fell 62 percent on the year, the firm said it expects higher revenue for the upcoming period from the sale of a new residential project - Townhouse.
Saudi-listed KEC is a special zone that was established during the time of late Saudi King Abdullah to manage and deliver the Knowledge Economic City project.