Riyadh - Mubasher: Kingdom Holding Company reported a decline in annual net profits by 27.9% to SAR 509.877 million in 2016, compared to SAR 707.142 million in the year before.
The decline in profits is attributed to the reduction in dividends income, income from associate and JV, as well as the shrinkage in income from and gains on investments, according to the company’s statement to the Saudi Stock Exchange (Tadawul) on Tuesday.
The company also saw a fall in revenues and operating income from hotels, in addition to the rise in depreciations and finance charges despite a decrease in general and administrative expenses, providing for impairment provisions in same period last year.
