Kingdom Holding profit up at SAR 1.16B in 9M 2024; Q3 at SAR 347.1M

Kingdom Holding Co. (KHC) reported a net profit rise of 36.4% to SAR 1.16 billion in the first nine months of 2024, from SAR 856.2 million in a year-earlier period.

The investment company recorded an increase in the share of results from equity-accounted investees, lower finance charges, and a positive impact from reversal of impairment for equity accounted investee.

It also cited a rise in gains on the sale of investment property, lower withholding and income taxes, an increase in hotels and other operating revenues and a decrease in Zakat.

This came despite a decline in other gains; lower dividend income, higher general, administrative and marketing expenses, as well as an increase in hotels and other operating costs and a drop in finance income.

KHC’s revenues declined 7.6% year-on-year (YoY) during the nine-month period.

The third-quarter net income dropped by 11.3% to SAR 347 million, from SAR 391.1 million hurt by a decline in net other income, KHC’s lower share of results from equity-accounted investees, and lower finance charges.

The company reported an increase in hotels and other operating costs, as well as increased general, administrative and marketing expenses.

KHC’s net income also fell by 44.4% from SAR 624.2 million in Q2 2024 on lower revenue.

Total shareholders’ equity, after minority interest, reached SAR 37.53 billion as of Sept. 30, 2024, up from SAR 30.94 billion in the corresponding period of 2023.

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