Kingdom Holding profits increased to 391 million riyals during ‎Q3, by 10.2%.‎

Kingdom Holding Company recorded a net profit during the third quarter after zakat and tax of 391.1 million riyals, compared to 354.8 million riyals in the same quarter of last year, a rate of 10.2%. This came after today’s announcement of the preliminary financial results for the period ending on September 30, 2023 (9 months).

Operating profit in the third quarter amounted to 823.1 million riyals, compared to 584.2 million riyals in the same quarter of the previous year, an increase of 40.5%, while net profit after zakat and tax during the 9-month period amounted to 856.1 million riyals, a decrease of 87.2% over the same period of the past year.

Earnings per share in the current period reached 0.23 riyals, compared to 1.81 riyals in the same period last year.

According to the company, the reason for the increase in net profit is due to the increase in other gains – net -, the share in the results of companies invested in through the equity method, the increase in hotel revenues and other operating revenues, and financial revenues, in addition to the decrease in withholding and income tax expenses. Despite the increase in financial expenses, the decrease in dividend income, the increase in zakat expenses, the increase in hotel costs and other operational costs, as well as the increase in general, administrative and marketing expenses.‎

While she confirmed that the increase in net profit is due to the increase in other gains – net -, the share in the results of companies invested in by the equity method, and the decrease in withholding and income tax expenses, and general, administrative and marketing expenses, in addition to the decrease in hotel costs and operational costs. The other. Despite the decrease in dividend income, the increase in financial expenses, zakat expense, the decline in hotel revenues and other operating income in addition to the decrease in financial revenues.

The company attributed the reason for the decrease in net profit to the lack of gains from the partial sale of the investee company through the equity method that was recorded in the same period of the previous year, the increase in financial expenses, the increase in hotel costs and other operational costs, in addition to a decrease in Profit from investments at fair value through profit or loss, increase in general, administrative and marketing expenses, in addition to increase in withholding and income tax expenses. Despite the increase in the share in the results of investee companies using the equity method, the increase in other gains, the increase in hotel revenues and other operating income, as well as the increase in financial revenues, and the decrease in zakat expense in addition to the increase in dividend income.