‎“Kingdom Holding” profits jump 226% during Q3 to SR355 mln

The net profit after zakat and tax for Kingdom Holding Company jumped to 355 million riyals during the third quarter, compared to 109 million riyals in the same quarter of last year, at a rate of 226%. This came after today’s announcement of the preliminary financial results for the period ending on September 30, 2022 (9 months).

The operational profit amounted to 584 million riyals in the third quarter, compared to 246 million riyals in the same quarter of the previous year, a growth of 138%.

As for gross profit, it amounted to 434 million riyals in the third quarter, compared to 154 million riyals in the same quarter of the previous year, an increase of 181%.

The net profit after zakat and tax in the 9-month period amounted to 6.7 billion riyals, compared to 612 million riyals in the same period last year, an increase of 996%.

Earnings per share in the current period amounted to 1.81 riyals, compared to 0.17 riyals in the same period last year.

The reason of the increase in the net profit during the current quarter compared to the same quarter of the last year is due to the increase in dividend income, hotel and other operating revenues, increase in share of results from equity-accounted investees, and increase in other gains. Despite the increase in financial charges, increase in hotels and other operating costs, increase in general, administrative and marketing expenses, as well as increase in income tax expense and Zakat expense.

The reason of the increase in the net profit during the current quarter compared to the previous quarter of the current year is due to decrease in dividend income, increase in the financial charges, and increase in Zakat expense. Despite the increase in share of the results from equity accounted investees, decrease in income tax expense, decrease in hotel and other operating costs, decrease in general, administrative and marketing expenses, increase in hotel and other operating revenues, and increase in other gain.

The reason of the increase in the net profit during the current period compared to the same period of the last year is due to the gain on partial sale of equity accounted investee that was recorded first quarter of the year of 2022, increase in hotel and other operating revenues, increase in dividend income, increase in the share of results from equity-accounted investees, and increase on finance income. Despite the increase in hotels and other operating costs, increase in general, administrative and marketing expenses, decrease in other gains, increase in the financial charges, increase in Zakat and income tax expenses, and decrease in gain on investments at FVTPL.