‎“Kingdom” profits decreased to SR 294 million riyals during Q2, ‎by 31%‎

The Kingdom Holding Company recorded a net profit after zakat and tax of 294 million riyals during the second quarter, compared to 421.1 million riyals in the same quarter of last year, a decrease of 31.1%. This came after the announcement today of the preliminary financial results for the period ending on June 30, 2023 “6 months “

The operational profit amounted to 628.3 million riyals during the second quarter, compared to 634.4 million riyals in the same quarter of last year, a rate of 0.96%.

Meanwhile, the gross profit amounted to SR 448.9 million during the second quarter, compared to 538.5 million riyals in the same quarter of last year, a decrease of 16.6%.

The net profit after zakat and tax during the current period amounted to 465 million riyals, compared to 6.3 billion riyals in the same period last year, a decrease of 92.6%.

Earnings per share during the current period amounted to 0.13 riyals, compared to 1.71 riyals in the same period last year.

The reason for the decrease is due to the increase in financial expenses, the decrease in dividend income, the increase in hotel costs and other operational costs, the increase in general, administrative and marketing expenses, in addition to the increase in zakat expense despite the increase in the share of the results of the invested companies using the equity method, the increase in hotel revenues and other operating income, the increase in financial revenues, the decrease in withholding and income tax expenses, in addition to the increase in other gains.

The reason for the increase is due to the increase in the share in the results of the invested companies using the equity method, the increase in financial revenues, an increase in hotel revenues and other operating revenues, a decrease in general, administrative and marketing expenses, in addition to a decrease in zakat expense. Despite the decrease in dividend income, the increase in withholding and income tax expense, the increase in financial expenses, the decrease in other earnings, in addition to the increase in hotel costs and other operating costs.

The reason for the decrease is due to the presence of gains from the partial sale of the investee company using the equity method, which was recorded in the same period of the previous year, the increase in financial expenses, the increase in hotel costs and other operating costs, a decrease in profit from investments at fair value through profit or Loss, an increase in general, administrative and marketing expenses, in addition to an increase in withholding and income tax expenses, despite the increase in the share in the results of invested companies using the equity method, an increase in hotel revenues and other operating income, a decrease in zakat expense, an increase in income Dividends, an increase in financial revenues, in addition to an increase in other gains