Financial Results : Kingdom Holding Q1 2022 net profit surges to SAR 5.925 bln on stake sale in subsidiary

Kingdom Holding Q1 2022 net profit surges to SAR 5.925 bln on stake sale in subsidiary

18/04/2022 Argaam Exclusive

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Kingdom Holding Co. (KHC) reported a surge in Q1 2022 net profit after Zakat and tax to SAR 5.925 billion, compared to SAR 91.1 million in the prior-year period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2021 Q1 2022 Change‬
Revenues 104.32 318.31 205.1 %
Gross Income (6.85) 118.51 1829.4 %
Operating Income (62.55) 0.63 101.0 %
Net Income 91.06 5,925.62 6407.4 %
Average Shares 3,705.88 3,705.88 -
EPS (Riyals) 0.02 1.60 6407.4 %

The profit growth was driven by gains on the sale of half of the company’s stake in an associate, as well as improved hotel revenue and other operating revenue. Moreover, the company reported an increase in its share in equity-accounted investees, and higher income from the disposal of an investment at at fair value through profit or loss (FVTPL).

 

KHC also recorded an increase in dividend income, and higher gains on sale of an investment property.

 

The first-quarter net profit surged from SAR 405.43 billion.

 

Shareholders’ equity, after minority interest, increased to SAR 33.090 billion in Q1 2022, from SAR 32.358 billion a year earlier.

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