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.
| 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.
| 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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