Kingdom Holding H1 2024 profit up 76% to SAR 820.4M; Q2 at SAR 624.2M

07/08/2024 Argaam Exclusive

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Kingdom Holding Co. (KHC) reported a net profit of SAR 820.4 million in H1 2024, a 76% jump from SAR 465 million in a year-earlier period on higher profit share from equity-accounted investees, higher gains on sale of investment property, a decrease in financial charges and an increase in finance income.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	765.13	758.90	(0.8 %)
Gross Income	275.94	264.79	(4.0 %)
Operating Income	42.77	17.05	(60.1 %)
Net Income	465.00	820.39	76.4 %
Average Shares	3,705.88	3,705.88	-
EPS (Riyals)	0.13	0.22	76.4 %

The company reported a higher profit share from equity-accounted investees and decreased financial charges, in addition to a decrease in the income tax and an increase in other gains. This came despite lower dividend income, decreased finance income, and an increase in general, administrative and marketing expenses, as well as lower hotels and other operating costs.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	404.25	400.98	(0.8 %)
Gross Income	159.44	155.49	(2.5 %)
Operating Income	45.34	39.91	(12.0 %)
Net Income	293.93	624.20	112.4 %
Average Shares	3,705.88	3,705.88	-
EPS (Riyals)	0.08	0.17	112.4 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	357.92	400.98	12.0 %
Gross Income	109.30	155.49	42.3 %
Operating Income	(22.87)	39.91	274.5 %
Net Income	196.19	624.20	218.2 %
Average Shares	3,705.88	3,705.88	-
EPS (Riyals)	0.05	0.17	218.2 %

On a quarterly basis, Q2 2024 net earnings increased by over two-fold from SAR 196.19 million in Q1 2024.

Total shareholders’ equity (after deducting minority equity) reached SAR 36.01 billion by June 30, 2024, compared to SAR 31.29 billion in the corresponding period of the year before.

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