Kingdom Holding turns to net profit of SAR 1.017 bln in 2021; Q4 profit at SAR 405.4 mln

Kingdom Holding Co. (KHC) swung to a net profit after Zakat and tax of SAR 1.017 billion for 2021, against a net loss of SAR 1.466 billion a year earlier.

The improvement was driven by an increase in the company’s share in the results of equity-accounted investees, and higher gains on sale of an investment property. KHC recorded zero impairment during the year for equity-accounted investee compared to 2020. It also reported an increase in hotel and other operating revenues, higher other gain, a decrease in impairment of financial assets, higher dividends income, as well as lower general, administrative, and marketing expenses.

Moreover, KHC recorded a decline in finance charges, an increase in gain on investments at FVTPL profit.

On the other hand, Zakat and income tax expenses, as well as hotel and other operating costs increased despite a decrease in gains on sale of subsidiary.

KHC also turned to net profit after Zakat and tax of SAR 405.5 million in Q4 2021, against a net loss of SAR 97.20 million in the year-ago period.

On a sequential basis, Q4 net profit more than tripled from SAR 108.7 million.

Shareholders’ equity, after minority interest, increased to SAR 30.890 billion in 2021, from SAR 30.798 billion a year earlier.

View more financial results