Riyadh – Mubasher: Kingdom Holding on Thursday posted a net profit decline of 38.3% year-on-year to SAR 179.87 million ($47.9 million) in the third quarter of 2016, compared to SAR 291.5 million ($63.54 million).
The fall in net profits was attributed to lower hotels revenue and dividends income and higher other losses, adding to the increase in depreciations and finance charges.
Despite the rise in gain from investments and decrease in hotels cost and general and administrative expenses, the company’s net profits declined in Q3-16, according to a bourse filing on Thursday.
The Saudi-listed company’s net profit decreased 29.8% to SAR 469.67 million in the first nine months of 2016 from SAR 669.2 million in the year-ago period.
Gross revenue grew 12% to SAR 957 million in Q3 compared to SAR 865 million in the same period of 2015.
