Saudi KMID Holding announces a quarterly profit decline of about 11%.

Kingdom Holding Company, a Saudi entity, issued a disclosure on the stock exchange (Tadawul) on Thursday reporting the quarterly performance for the third quarter and for the first nine months of the year.

During the third quarter, the net profit of Kingdom Holding Company - after deducting zakat and tax - decreased by 11.277% to 347.06 million riyals, compared to net profits of 391.18 million riyals that the Saudi company achieved in the same period last year.

Kingdom Holding clarified that the decrease in net profits during the third quarter was due to a decline in other gains, as the share from the results of the companies in which it invested using the equity method decreased, alongside a drop in dividend income.

This was accompanied by an increase in hotel costs and other operating expenses, as well as a drop in financing revenues. Simultaneously, there was a rise in general, administrative, and marketing expenses, in addition to withholding tax and income tax expenses.

On the other hand, Kingdom Holding Company announced a net profit increase during the first nine months of the year by 36.357% year-on-year, reaching 1.167 billion riyals, compared to 856.17 million riyals recorded by the company in the same period of 2023.