Kingdom Holding incurs SAR 1.17 bln loss in H1 2020

25/08/2020 Argaam Exclusive

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Kingdom Holding Co. (KHC) sustained a net loss after Zakat and tax of SAR 1.176 billion for H1 2020, against a net profit of SAR 315 million a year earlier.

The losses were attributed to a decrease in the company’s share from equity-accounted affiliates, increase in other losses, and a decrease in investment gains.

In addition, revenues from hotels and other operating revenues dropped on the COVID-19 pandemic.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	824.71	460.16	(44.2 %)
Gross Income	285.77	53.33	(81.3 %)
Operating Income	(36.10)	(121.08)	(235.4 %)
Net Income	315.00	(1176.87)	(473.6 %)
Average Shares	3,705.88	3,705.88	-
EPS (Riyals)	0.09	(0.32)	(473.6 %)

The company also swung to a net loss after Zakat and tax of SAR 1.126 billion in Q2 2020, compared to a net profit of SAR 143.6 million in prior-year period. KHC cited higher Zakat charges, financial asset losses and a decline in dividend income.

The company was also hit by a decrease in its share from equity-accounted affiliates, increase in other losses, and a decline in investment gains.

In addition, revenues from hotels and other operating revenues dropped on the COVID-19 pandemic.

KHC sustained a net loss of SAR 50 million in the previous quarter.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	413.03	126.69	(69.3 %)
Gross Income	176.13	(18.36)	(110.4 %)
Operating Income	36.65	(88.27)	(340.8 %)
Net Income	143.60	(1126.76)	(884.7 %)
Average Shares	3,705.88	3,705.88	-
EPS (Riyals)	0.04	(0.30)	(884.7 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	333.47	126.69	(62.0 %)
Gross Income	71.69	(18.36)	(125.6 %)
Operating Income	(32.81)	(88.27)	(169.1 %)
Net Income	(50.11)	(1126.76)	(2,148.5 %)
Average Shares	3,705.88	3,705.88	-
EPS (Riyals)	(0.01)	(0.30)	(2,148.5 %)

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