Kingdom Holding H1 2022 profit jumps to SAR 6.352 bln, Q2 at SAR 427.1 mln

25/08/2022 Argaam Exclusive

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Kingdom Holding Co.’s (KHC) net profit after Zakat and tax surged to SAR 6.352 billion in the first half of 2022, from a profit of SAR 503.3 million in the prior-year period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	272.22	672.51	147.0 %
Gross Income	37.34	241.81	547.7 %
Operating Income	(68.52)	22.18	132.4 %
Net Income	503.31	6,352.77	1162.2 %
Average Shares	3,705.88	3,705.88	-
EPS (Riyals)	0.14	1.71	1162.2 %

The positive results were driven by gains on partial sale of equity accounted investee in the previous quarter, an increase in dividend income, and lower Zakat expenses. KHC also reported higher share in the results of equity-accounted investees, as well as better hotel and other operating revenues.

KHC also noted a decrease in general, administrative and marketing expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	167.91	354.20	111.0 %
Gross Income	44.19	123.30	179.0 %
Operating Income	(5.98)	21.55	460.7 %
Net Income	412.25	427.15	3.6 %
Average Shares	3,705.88	3,705.88	-
EPS (Riyals)	0.11	0.12	3.6 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	318.31	354.20	11.3 %
Gross Income	118.51	123.30	4.0 %
Operating Income	0.63	21.55	3326.6 %
Net Income	5,925.62	427.15	(92.8 %)
Average Shares	3,705.88	3,705.88	-
EPS (Riyals)	1.60	0.12	(92.8 %)

In Q2 2022, the net profit after Zakat and tax edged up 4% year-on-year (YoY) to SAR 427.1 million.

On a sequential basis, Q2 net profit plunged 92.8% from SAR 5.9 billion.

Shareholders’ equity, after minority interest, stood at SAR 32.593 billion as of June 30, 2022, compared to SAR 32.718 billion a year earlier.

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