Kingdom Holding turns to net profit of SAR 612 mln in 9M 2021

08/11/2021 Argaam Exclusive

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Kingdom Holding Co. (KHC) swung to a net profit after Zakat and tax of SAR 612 million for the first nine months of 2021, against a net loss of SAR 1.369 billion in the prior-year period.

Financials (M)

Item	9m 2020	9m 2021	Change‬
Revenues	643.82	533.87	(17.1 %)
Gross Income	45.27	115.08	154.2 %
Operating Income	(183.53)	(58.66)	68.0 %
Net Income	(1369.60)	612.00	144.7 %
Average Shares	3,705.88	3,705.88	-
EPS (Riyals)	(0.37)	0.17	144.7 %

The improvement was driven by an increase in share of results and a decrease in impairment from equity-accounted investees.

KHC also noted an increase in other and dividend income, along with a decrease in hotels and other operating costs, financial charges, general, administrative and marketing expenses, Zakat expense, and reversal of impairment of financial assets.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2020	Q3 2021	Change‬
Revenues	183.66	261.65	42.5 %
Gross Income	(8.06)	77.75	1064.7 %
Operating Income	(62.46)	9.86	115.8 %
Net Income	(192.73)	108.69	156.4 %
Average Shares	3,705.88	3,705.88	-
EPS (Riyals)	(0.05)	0.03	156.4 %

Item	Q2 2021	Q3 2021	Change‬
Revenues	167.91	261.65	55.8 %
Gross Income	44.19	77.75	75.9 %
Operating Income	(5.98)	9.86	265.0 %
Net Income	412.25	108.69	(73.6 %)
Average Shares	3,705.88	3,705.88	-
EPS (Riyals)	0.11	0.03	(73.6 %)

The firm also turned to net profit after Zakat and tax of SAR 108.7 million in Q3 2021, from a loss of SAR 192.7 million in the corresponding period last year.

On a sequential basis, Q3 net profit slumped 73.6% from SAR 412.25 million.

Shareholders’ equity, after minority interest, increased to SAR 32.508 billion as of Sept. 30, 2021, from SAR 27.266 billion a year earlier.

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