Financial Results : KHC Q1 2024 net profit grows 15% to SAR 196.2M

KHC Q1 2024 net profit grows 15% to SAR 196.2M

19/05/2024 Argaam Exclusive

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Kingdom Holding Co. (KHC) reported a net profit of SAR 196.2 million for Q1 2024, a 15% rise from SAR 171.1 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 360.88 357.92 (0.8 %)
Gross Income 116.49 109.30 (6.2 %)
Operating Income (2.57) (22.87) (791.2 %)
Net Income 171.07 196.19 14.7 %
Average Shares 3,705.88 3,705.88 0.0 %
EPS (Riyals) 0.05 0.05 14.7 %

This was due to higher gains from selling investment property, increased profit share from equity-accounted investees, and lower financial charges.

 

On a quarterly basis, net earnings increased by 24.9% from SAR 157.07 million in Q4 2023, on lower gains from investments at FVTPL, and lower operating revenue, despite higher income from dividends.

 

Shareholders’ equity, after minority interest, reached SAR 37.06 billion by March 31, 2024, compared to SAR 32.28 billion in the prior-year period.

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