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Kingdom Holding profits nearly unchanged in Q3, rise 7% in 9M

Kingdom Holding profits nearly unchanged in Q3, rise 7% in 9M
Kingdom Holding profits nearly unchanged in Q3, rise 7% in 9M
KINGDOM
4280
3.66% 7.36 0.26

Riyadh – Mubasher: Kingdom Holding Co. (KHC) on Sunday posted SAR 248.551 million ($66.26 million) in net profits after zakat and taxes in the third quarter of 2018, up 0.4% from SAR 247.544 ($66 million) in the year-ago period.

Sales fell 12.5% year-on-year to SAR 481.606 million between July and September from SAR 550.377 million, while operating profit amounted to SAR 423.104 million, registering a decrease of 18.14% from SAR 516.841 million in the year-ago period, Kingdom Holding said in a filing to the Saudi Stock Exchange (Tadawul).

The company attributed the slight rise in profits to higher dividend income and an increase in share from "equity-accounted investees in addition to decrease in hotels and other operating costs and general, administrative and marketing expenses," the firm said.

These gains were offset by a rise in financing charges as well as lower revenues from hotels and other operating revenues, other income, and income from gain on investments Kingdom Holding noted.

As for the first nine months of 2018, Kingdom Holding achieved a 6.97% rise in net profit after zakat and tax of SAR 634.263 million compared to SAR 592.935 million in the same period of 2017.

The Saudi investment firm attributed the year-on-year net profit growth in the nine months to September to higher hotel and other operating revenues as well as an increase in dividends income, share of results from equity-accounted investees and decrease in hotels and other operating costs, added to a decline in general, administrative and marketing expenses.

Sales grew 4.2% to SAR 1.827 billion between January and September from SAR 1.725 billion in the year-ago period.

Operating profits rose 14.88% year-on-year to SAR 1.315 billion from SAR 1.144 billion in the first nine months of 2017, the company said.

These results were achieved "despite of increase in finance charges in addition to decrease in other income and income from gain on investments," company noted.

The company previously reported an 11.7% year-on-year growth in profits to SAR 385.7 million in H1-18 from SAR 345.4 million.

Kingdom Holding's stock last closed Thursday down 2.28% to SAR 7.72.