Kingdom Holding Co. (KHC) swung to a net profit after Zakat and tax of SAR 612 million for the first nine months of 2021, against a net loss of SAR 1.369 billion in the prior-year period.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 643.82 | 533.87 | (17.1 %) |
| Gross Income | 45.27 | 115.08 | 154.2 % |
| Operating Income | (183.53) | (58.66) | 68.0 % |
| Net Income | (1369.60) | 612.00 | 144.7 % |
| Average Shares | 3,705.88 | 3,705.88 | - |
| EPS (Riyals) | (0.37) | 0.17 | 144.7 % |
The improvement was driven by an increase in share of results and a decrease in impairment from equity-accounted investees.
KHC also noted an increase in other and dividend income, along with a decrease in hotels and other operating costs, financial charges, general, administrative and marketing expenses, Zakat expense, and reversal of impairment of financial assets.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 183.66 | 261.65 | 42.5 % |
| Gross Income | (8.06) | 77.75 | 1064.7 % |
| Operating Income | (62.46) | 9.86 | 115.8 % |
| Net Income | (192.73) | 108.69 | 156.4 % |
| Average Shares | 3,705.88 | 3,705.88 | - |
| EPS (Riyals) | (0.05) | 0.03 | 156.4 % |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 167.91 | 261.65 | 55.8 % |
| Gross Income | 44.19 | 77.75 | 75.9 % |
| Operating Income | (5.98) | 9.86 | 265.0 % |
| Net Income | 412.25 | 108.69 | (73.6 %) |
| Average Shares | 3,705.88 | 3,705.88 | - |
| EPS (Riyals) | 0.11 | 0.03 | (73.6 %) |
The firm also turned to net profit after Zakat and tax of SAR 108.7 million in Q3 2021, from a loss of SAR 192.7 million in the corresponding period last year.
On a sequential basis, Q3 net profit slumped 73.6% from SAR 412.25 million.
Shareholders’ equity, after minority interest, increased to SAR 32.508 billion as of Sept. 30, 2021, from SAR 27.266 billion a year earlier.
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