Net profit of the Saudi Tadawul-listed Kingdom Holding Company (KHC) fell by 11.3% to SAR 347 million ($92.4 million) in the third quarter of 2024, from SAR 391.1 million a year ago.

The profit decline was driven by a decrease in share of results from equity-accounted investees, an increase in hotels and other operating costs, a decline in dividend income and an increase in withholding and income tax.  

Saudi soveriegn wealth fund, The Public Investment Fund, has a 17% stake in Kingdom, which is majority owned by billionaire Prince Alwaleed Bin Talal.  

Quarterly revenue rose marginally on year to SAR 612 million, supported by an increase in hotels and other operating income.

For the nine-month period, net profit jumped 36.4% to SAR 1.16 billion

However, revenues declined 7.6% year-on-year (YoY) to SAR 1.8 billion in the nine-month period.

(Editing by Brinda Darasha; brinda.darasha@lseg.com)