Kingdom Holding profits increase to SR427 mln during Q2, by 4%

The net profit after zakat and tax for Kingdom Holding Company grew to SR427 million during the second quarter, compared to SR412 million during the same quarter of the previous year, at a rate of 4%.
This came after the announcement on Thursday of the financial results for the period ending on 30-06-2022 “6 months”.
The operational profit amounted to SR634 million during the second quarter, compared to SR536 million during the same quarter of the previous year, an increase of 18%.
The gross profit amounted to SR539 million during the second quarter, compared to SR298 million during the same quarter of the previous year, a growth of 81%.
The net profit after zakat and tax during the current period amounted to SR6.35 billion, compared to SR746 million during the same period of the previous year, an increase of 1162%.
Profits per share during the current period amounted to SR1.71, compared to SR0.13 during the same period of the previous year.
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is:
The reason for the increase is due to the increase in dividend income, hotel and other operating revenues, increase in other gains, and decrease in Zakat expense. Despite the increase in hotels and other operating cost, decrease in share of results from equity-accounted investees, increase in general, administrative and marketing expenses, in addition to increase in financial charges, decrease in gain on investments at FVTPL, as well increase in income tax expense.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is:
The reason for the increase is due to gain on partial sale of equity accounted investee, increase in hotel and other operating revenues, increase in dividend income, increase in the finance income. Despite the increase in hotel and other operating costs, decrease in other gain, increase in general, administrative and marketing expenses, increase in Zakat expense, increase in financial charges, increase in income tax expense, as well as decrease in share of the results from equity accounted investees.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is:
The reason for the decrease is due to the gain on partial sale of equity accounted investee that was recorded previous quarter, increase in the financial charges, increase in income tax expense, decrease in gain on investments at FVTPL, increase in hotels and other operating costs, decrease on financial income, as well as decrease in other gains. Despite the increase in dividend income, decrease in Zakat expense, increase in the share of results from equity-accounted investees, increase in hotel and other operating revenues as well as decrease in general, administrative and marketing expenses.
Comparative figures of the same period last year were reclassified to be consistent with current figures.