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Knowledge City stock hits 52-week high
The Al-Mada'in Al-Mu'ayyadah Industrial City stock rose by 10%, reaching 22.11 Riyals, its highest level in 52 weeks. This increase followed the company's signing of a memorandum of understanding with two companies to develop a residential and commercial project in Medina, with an estimated cost of 2.8 billion Riyals and expected revenues exceeding 4 billion Riyals. The project includes approximately 2,700 residential apartments, 8,000 square meters of commercial components, on a land area of 97,000 square meters, with over 3,500 parking spaces. The stock's rise comes amid anticipation of the project's results and the company's profits, despite the earnings per share being negative at -0.02 Riyals.
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