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. Despite incurring losses, revenues went up 18 percent to SR15.7 million for the same period to reach SR40 million. For the third quarter of the year, KEC returned to profitability of SR5 million, compared to losses of SR2.5 million it made in the same period of 2021. The third-quarter results were helped by 579 percent leap in revenue to SR10 million. KEC, based in Madinah, is a publicly-traded company that was established to execute Knowledge Economic City projects.