Kingdom Holding’s profit drops 85% YoY in 2023; dividends proposed

Kingdom Holding’s profit drops 85% YoY in 2023; dividends proposed

Kingdom Holding Company logged an 85.44% year-on-year (YoY) plunge in net profit to SAR 1.01 billion in 2023 from SAR 6.95 billion.

Revenues grew 8.48% YoY to SAR 2.70 billion last year from SAR 2.49 billion, according to the annual financial results.

The earnings per share (EPS) reached SAR 0.27 in 2023, down from SAR 1.88 in 2022.

Kingdom Holding’s board has recommended the distribution of SAR 1.03 billion, or SAR 0.28 per share, in cash dividends for 2023.

In the first nine months (9M) of 2023, Kingdom Holding reported an 87.23% YoY lower net profits of SAR 856.17 million, versus SAR 6.70 billion in 9M-22.