Kingdom Holding makes SAR 856.2 mln profit in 9M 2023; Q3 at SAR 391.2 mln

Kingdom Holding Co. (KHC) reported a profit tumble of 87% to SAR 856.2 million in the first nine months of 2023 from SAR 6.7 billion a year earlier.

KHC recorded zero gains from the partial sale of an equity-accounted investee during the current period.

Additionally, the investment company reported an increase in expenses, hotel costs and other operating expenses.

Gains on investments at FVTPL declined, while general, administrative and marketing expenses increased.

KHC recorded an increase in withholding and income tax expenses.

By contrast, the share in the results of equity-accounted investees, other net gains, hotel revenues and other operating revenues increased.

The company recorded better finance income, a decrease in Zakat expenses and higher dividend income.

In Q3 2023, bottom line rose by 10% to SAR 391.2 million from SAR 354.8 million in Q3 2022 on a rise in net other gains and KHC’s share in the results of equity-accounted investees.

KHC recorded better hotel revenues and other operating revenues, along with a decline in withholding and income tax expenses.

Sequentially, net profit jumped 33.1% from SAR 293.9 million in Q2 2023 driven by an increase in net other gains and KHC’s share in the results of equity-accounted investees.

Total shareholders’ equity, after minority interest, rose to SAR 30.94 billion as of Sept. 30, 2023, up from SAR 28.81 billion in the prior-year period.

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