Kingdom Holding Company's results for the first quarter of 2024 revealed a 14.69% increase in net profits, compared to the same quarter of 2023, supported by gains from the sale of investment properties, and an increase in the company's share in the results of investee companies.
According to the company's data on the Saudi Stock Exchange website, Tadawul, today, Sunday, net profit rose to 196.19 million riyals in the first quarter of this year, compared to profits of 171.07 million riyals during the same period last year.
The company explained that the increase in net profits was a result of the increase in gains from the sale of investment properties, the increase in the share of the results of companies invested in using the equity method, in addition to the decrease in financial expenses, the increase in financing revenues, and the decrease in withholding tax and income tax expenses.
She pointed out that the increase in net profit came despite the decrease in dividend income, the increase in zakat expenses, general, administrative and marketing expenses, hotel costs and other operating costs, and the decrease in hotel revenues and other operating revenues.
The company's data showed that operating profit rose to 539.02 million riyals in the first quarter of this year, compared to 520.69 million riyals for the same quarter of the previous year, an increase of 3.52%.
Total revenues increased by 16.03% in the first quarter of this year, to 564.4 million riyals, compared to total revenues of 672.13 million riyals in the first quarter of last year.
Kingdom Holding Company's profits for the fourth quarter of 2023 recorded a 37.25% decline, falling to 157.07 million riyals, compared to profits of 250.3 million riyals for the fourth quarter of the previous year.
