The preliminary financial results of Kingdom Holding Company showed its transformation to recording profits after zakat and tax of 108.688 million riyals in the third quarter of 2021, from a loss of 192.72 million riyals in the same quarter of 2020.
According to Arabiya Net and on a quarterly basis, the company's profits decreased in the third quarter by 73.63%, compared to profits of 412.24 million riyals in the second quarter of 2021.
The company said in a statement to Saudi Arabia's Tadawul, today, Monday, that the reason for achieving profits is due to the company's high share of the results of the companies invested in the equity method, as well as the rise in revenues Hotels and other operating income as well as higher other earnings.
The Kingdom indicated a decrease in the operating costs of other hotels, in addition to a decrease in zakat expense. Despite the decrease in dividend income, the income tax expense also increased.
She pointed to the negative decline in reversing the decline in the value of financial assets, as well as the rise in financial burdens and the increase in general, administrative and marketing expenses.
In terms of results for the first nine months of 2021, the data indicated a shift in profits of 611.99 million riyals, compared to a loss of 1.369 billion riyals in the corresponding period of 2020.< /p>
