Riyadh – Mubasher: Kingdom Holding Company (KHC) reported a 65.08% year-on-year retreat in its net profits during the third quarter of 2019.

Net profits plunged to SAR 86.8 million in the three-month period ended 30 September, compared to SAR 248.55 million in the year-ago period, the company said in a statement to the Saudi Stock Exchange (Tadawul) on Sunday.

The profit drop was attributed to the increase in investment losses and the decrease in other profits as well as higher hotel expenses and other financing costs.

Meanwhile, revenues shrank 90.1% to SAR 47.58 million in Q3-19, compared to SAR 481.61 million in Q3-18.

Quarter-on-quarter, the company’s profit fell by 39.55% from SAR 143.59 million in Q2-19.

During the January-September period, the Saudi company’s profits retreated 36.7% to SAR 401.81 million from SAR 634.26 million in the corresponding period of 2018.

Revenues fell by 21.2% to SAR 1.44 billion in the nine-month period ended 30 September from SAR 1.83 billion in the year-ago period.