Kingdom Holding returns to profit in Q1 as expenses drop

The group's flagship property Kingdom Center in Riyadh was completed in 2002. (Supplied)

• Net profit was SR91.1 million vs. a loss of SR50.1 million a year earlier
• Revenue of SR174.9 million was 56 percent lower than Q1 2020

RIYADH: Kingdom Holding Co. returned to profit in the first quarter as expenses and impairments declined and dividend income increased.
First-quarter net profit after zakat and tax was SR91.1 million ($24.3 million) compared with a loss of SR50.1 million in the year earlier period and a SR97.2 million loss in the final quarter of 2020, the Saudi conglomerate said in filing to the Tadawul stock exchange.
Revenue of SR174.9 million was 56 percent lower than the first quarter of 2020, but 49.9 percent higher quarter on quarter.
The year-on-year return to profit was attributed to an increase in other gains and a decrease in hotel and other operating costs.
Financing charges and marketing spending were also lower, the group said.
Kingdom Holding has investments in sectors including hotel real estate and management, banking and financial services, aviation, and healthcare.