The financial statements of Kingdom Holding Company showed the company's turn to profitability in the first half of this year, amounting to 503.3 million riyals, compared to losses amounting to 1.177 billion riyals during the same period last year. 2020.
The company said in a statement to the Saudi market (Tadawul), today, Sunday, that the reason for achieving profits is due to the company's high share of the results of the companies invested in it by means of equity, and also Reduction in losses in the value of equity investments.
It also attributed the positive shift in results during the comparison periods to an increase in distribution income, a decrease in operating costs for hotels and others, and a rise in other earnings, as well as a decrease in financial burdens and a decrease in general, administrative and marketing expenses. A decrease in impairment losses in the value of financial assets, in addition to a decrease in zakat expense.
The company indicated that this comes despite lower hotel and other operating income, higher income tax expense, and lower investment gains through profit and loss.
The results also showed the company's turn to profitability in the second quarter of this year, with a net profit of approximately 412.25 million riyals, compared to losses of 1.127 billion riyals in the same period of the year. past.
The company's quarterly revenue increased by 96%; To reach 421.452 million riyals, compared to 214.5 million riyals during the same period last year.
