Kingdom Holding Co. (KHC) swung to a net profit after Zakat and tax of SAR 91.1 million for the first quarter of 2021, against a net loss of SAR 50.1 million in the prior-year period.
| Item | Q1 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 333.47 | 104.32 | (68.7 %) |
| Gross Income | 71.69 | (6.85) | (109.6 %) |
| Operating Income | (32.81) | (62.55) | (90.7 %) |
| Net Income | (50.11) | 91.06 | 281.7 % |
| Average Shares | 3,705.88 | 3,705.88 | - |
| EPS (Riyals) | (0.01) | 0.02 | 281.7 % |
| Item | Q4 2020 | Q1 2021 | Change |
|---|---|---|---|
| Revenues | 116.69 | 104.32 | (10.6 %) |
| Gross Income | 161.92 | (6.85) | (104.2 %) |
| Operating Income | (186.01) | (62.55) | 66.4 % |
| Net Income | (97.20) | 91.06 | 193.7 % |
| Average Shares | 3,705.88 | 3,705.88 | - |
| EPS (Riyals) | (0.03) | 0.02 | 193.7 % |
The positive results were driven by an increase in other gains, lower hotel and other operating costs, as well as general, administrative and marketing expenses. The investment company also reported a decline in financial charges and income tax expenses, the impairment of financial assets, and Zakat expense.
The first-quarter figures were also backed by an increase in dividend income.
The company incurred a net loss of SAR 97.2 million in Q4 2020.
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