Saudi Arabia's Kingdom Holding Co. said Thursday its quarterly net profit fell 11.28 percent to 347.06 million riyals ($92.39 million) from 391.18 million riyals a year earlier.
The company attributed the decline in profits in a statement to the Saudi Stock Exchange to the decrease in the share of results of companies invested in using the equity method, the increase in hotel costs and other operating costs, the decrease in financing revenues, the increase in general, administrative and marketing expenses, the decrease in dividend income, and the increase in withholding tax and income tax expenses.
Kingdom Holding Company, on the other hand, pointed to the positive impact resulting from reversing the decline in the investment value of one of the companies invested in using the equity method, the decrease in financial expenses, the decrease in zakat expense, and the increase in hotel revenues and other operating revenues.
Net profits for the first nine months of this year amounted to 1.167 billion riyals, compared to 856.172 million riyals in the same period in 2023.
