Kingdom Holding logs SAR 171.1 mln profit in Q1 2023

Kingdom Holding logs SAR 171.1 mln profit in Q1 2023

23/05/2023 Argaam Exclusive

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Kingdom Holding Co. (KHC) reported a 97.1% plunge in Q1 2023 net profit to SAR 171.1 million, from SAR 5.9 billion in the year-earlier period



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 318.31 360.88 13.4 %
Gross Income 118.51 116.49 (1.7 %)
Operating Income 0.63 (2.57) (507.9 %)
Net Income 5,925.62 171.07 (97.1 %)
Average Shares 3,705.88 3,705.88 0.0 %
Earnings Per Share before unusual items 0.01 0.05 230.8 %
EPS (Riyals) 1.60 0.05 (97.1 %)

KHC realized a gain from the partial sale of equity-accounted investee, Four Seasons Holding during the first quarter of 2022. Adjusting for this gain, the company would have recorded a rise in Q1 2023 net profit.

 

Meanwhile, financial charges rose along with an increase in hotels and other operating costs, decrease in income from gain on investments at FVTPL, and lower finance income and other gains. In addition, general, administrative and marketing expenses edged higher.

 

On the other hand, KHC reported an increase in dividend income, and lower Zakat expenses.

 

The three-month net profit also dropped 31.7% from SAR 250.3 million in Q4 2022. KHC’s share of results from equity-accounted investees declined. Further, revenue from hotels and other operating revenue declined. KHC also reported a decrease in finance income, higher finance charges, general, administrative and marketing expenses, as well as a rise in withholding and Income tax.

 

Shareholders’ equity, after minority interest, declined to SAR 32.28 billion as of March 31, 2023, from SAR 33.09 billion in the year-earlier period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2014 512.95 3.4 % 180.51 9.1 % 22.36 3089.3 %
Q2 2014 586.03 7.9 % 220.34 15.5 % 55.07 135.1 %
Q3 2014 475.57 (2.9 %) 156.82 (4.1 %) 7.84 (45.5 %)
Q4 2014 553.95 15.4 % 171.75 2.4 % (17.67) 56.1 %
Q1 2015 453.29 (11.6 %) 132.44 (26.6 %) (11.48) (151.3 %)
Q2 2015 502.82 (14.2 %) 166.81 (24.3 %) 25.94 (52.9 %)
Q3 2015 481.76 1.3 % 176.13 12.3 % 16.66 112.6 %
Q4 2015 441.89 (20.2 %) 150.54 (12.4 %) 10.21 157.8 %
Q1 2016 462.92 2.1 % 96.92 (26.8 %) 38.00 430.9 %
Q2 2016 432.99 (13.9 %) 105.97 (36.5 %) 9.77 (62.3 %)
Q3 2016 427.27 (11.3 %) 86.94 (50.6 %) 2.31 (86.2 %)
Q4 2016 481.14 8.9 % 88.04 (41.5 %) 7.93 (22.3 %)
Q1 2017 387.79 (16.2 %) 80.67 (16.8 %) 16.48 (56.6 %)
Q2 2017 445.29 2.8 % 109.25 3.1 % 8.82 (9.7 %)
Q3 2017 512.41 19.9 % 137.94 58.7 % (107.44) (4761.2 %)
Q4 2017 385.00 (20.0 %) 120.39 36.7 % (23.42) (395.2 %)
Q1 2018 475.50 22.6 % 124.22 54.0 % 50.73 207.9 %
Q2 2018 487.44 9.5 % 121.18 10.9 % (63.38) (818.3 %)
Q3 2018 433.24 (15.5 %) 152.44 10.5 % 45.22 142.1 %
Q4 2018 547.74 42.3 % 203.76 69.3 % 183.41 883.2 %
Q1 2019 411.67 (13.4 %) 109.64 (11.7 %) (72.75) (243.4 %)
Q2 2019 413.03 (15.3 %) 176.13 45.3 % 36.65 157.8 %
Q3 2019 432.36 (0.2 %) 118.74 (22.1 %) 62.89 39.1 %
Q4 2019 449.64 (17.9 %) 192.14 (5.7 %) 75.61 (58.8 %)
Q1 2020 333.47 (19.0 %) 71.69 (34.6 %) (32.81) 54.9 %
Q2 2020 126.69 (69.3 %) (18.36) (110.4 %) (88.27) (340.8 %)
Q3 2020 183.66 (57.5 %) (8.06) (106.8 %) (62.46) (199.3 %)
Q4 2020 116.69 (74.0 %) 161.92 (15.7 %) (186.01) (346.0 %)
Q1 2021 104.32 (68.7 %) (6.85) (109.6 %) (62.55) (90.7 %)
Q2 2021 167.91 32.5 % 44.19 340.7 % (5.98) 93.2 %
Q3 2021 261.65 42.5 % 77.75 1064.7 % 9.86 115.8 %
Q4 2021 393.57 237.3 % 182.09 12.5 % (24.83) 86.7 %
Q1 2022 318.31 205.1 % 118.51 1829.4 % 0.63 101.0 %
Q2 2022 354.20 111.0 % 123.30 179.0 % 21.55 460.7 %
Q3 2022 358.37 37.0 % 142.78 83.6 % 46.12 367.8 %
Q4 2022 429.77 9.2 % 174.46 (4.2 %) 52.56 311.7 %
Q1 2023 360.88 13.4 % 116.49 (1.7 %) (2.57) (507.9 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2014 126.39 14.8 % 0.03 - 126.39 0.03
Q2 2014 211.68 16.8 % 0.06 - 211.68 0.06
Q3 2014 265.00 20.5 % 0.07 - 265.00 0.07
Q4 2014 266.00 15.0 % 0.07 - 266.00 0.07
Q1 2015 139.38 10.3 % 0.04 - 139.38 0.04
Q2 2015 238.30 12.6 % 0.06 - 238.30 0.06
Q3 2015 291.55 10.0 % 0.08 - 291.55 0.08
Q4 2015 37.91 (85.7 %) 0.01 (370.00) 407.91 0.11
Q1 2016 114.52 (17.8 %) 0.03 - 114.52 0.03
Q2 2016 (79.98) (133.6 %) (0.02) - (79.98) (0.02)
Q3 2016 (354.96) (221.7 %) (0.10) (233.78) (121.18) (0.03)
Q4 2016 (29.56) (178.0 %) (0.01) - (29.56) (0.01)
Q1 2017 129.09 12.7 % 0.03 234.83 (105.74) (0.03)
Q2 2017 216.30 370.5 % 0.06 203.58 12.72 0.00
Q3 2017 247.54 169.7 % 0.07 529.96 (282.42) (0.08)
Q4 2017 70.63 338.9 % 0.02 - 70.63 0.02
Q1 2018 143.04 10.8 % 0.04 (63.75) 206.79 0.06
Q2 2018 242.67 12.2 % 0.07 (375.67) 618.34 0.17
Q3 2018 248.55 0.4 % 0.07 196.37 52.18 0.01
Q4 2018 47.37 (32.9 %) 0.01 (88.43) 135.80 0.04
Q1 2019 244.16 70.7 % 0.07 (122.84) 367.00 0.10
Q2 2019 143.60 (40.8 %) 0.04 (14.60) 158.20 0.04
Q3 2019 86.80 (65.1 %) 0.02 80.00 6.80 0.00
Q4 2019 18.36 (61.2 %) 0.00 (42.70) 61.06 0.02
Q1 2020 (50.11) (120.5 %) (0.01) - (50.11) (0.01)
Q2 2020 (1126.76) (884.7 %) (0.30) (500.00) (626.76) (0.17)
Q3 2020 (192.73) (322.0 %) (0.05) - (192.73) (0.05)
Q4 2020 (97.20) (629.3 %) (0.03) 266.03 (363.24) (0.10)
Q1 2021 91.06 281.7 % 0.02 - 91.06 0.02
Q2 2021 412.25 136.6 % 0.11 - 412.25 0.11
Q3 2021 108.69 156.4 % 0.03 - 108.69 0.03
Q4 2021 405.43 517.1 % 0.11 - 405.43 0.11
Q1 2022 5,925.62 6407.4 % 1.60 5,873.91 51.71 0.01
Q2 2022 427.15 3.6 % 0.12 - 427.15 0.12
Q3 2022 354.80 226.4 % 0.10 - 354.80 0.10
Q4 2022 250.30 (38.3 %) 0.07 - 250.30 0.07
Q1 2023 171.07 (97.1 %) 0.05 - 171.07 0.05

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2014 34.68 % 12.76 % 37.46 %
Q2 2014 35.39 % 13.99 % 38.15 %
Q3 2014 35.31 % 13.80 % 40.60 %
Q4 2014 34.27 % 15.41 % 40.83 %
Q1 2015 32.93 % 13.70 % 42.64 %
Q2 2015 31.62 % 12.55 % 45.76 %
Q3 2015 32.49 % 12.25 % 46.95 %
Q4 2015 33.30 % 11.72 % 57.30 %
Q1 2016 31.25 % 14.08 % 55.69 %
Q2 2016 29.10 % 13.44 % 40.34 %
Q3 2016 24.95 % 13.80 % 18.20 %
Q4 2016 20.94 % 14.93 % (6.44 %)
Q1 2017 20.91 % 15.20 % (19.46 %)
Q2 2017 20.95 % 17.89 % (14.00 %)
Q3 2017 22.77 % 10.40 % (22.17 %)
Q4 2017 25.90 % 5.55 % (17.61 %)
Q1 2018 27.05 % 8.13 % 0.43 %
Q2 2018 27.08 % 0.43 % 32.97 %
Q3 2018 29.09 % 9.86 % 53.22 %
Q4 2018 30.95 % 23.44 % 52.12 %
Q1 2019 31.22 % 17.56 % 62.41 %
Q2 2019 35.55 % 23.30 % 39.50 %
Q3 2019 33.70 % 23.13 % 37.00 %
Q4 2019 34.96 % 16.08 % 34.75 %
Q1 2020 34.31 % 17.21 % 10.80 %
Q2 2020 27.14 % 13.20 % (45.38 %)
Q3 2020 21.71 % 6.54 % (73.94 %)
Q4 2020 27.24 % (28.05 %) (162.11 %)
Q1 2021 24.21 % (47.45 %) (205.45 %)
Q2 2021 33.39 % (30.70 %) (9.20 %)
Q3 2021 42.58 % (20.35 %) 38.24 %
Q4 2021 32.04 % 4.64 % 109.70 %
Q1 2022 37.02 % 9.50 % 85.69 %
Q2 2022 37.78 % 10.97 % 74.79 %
Q3 2022 39.78 % 12.43 % 86.99 %
Q4 2022 38.27 % 21.82 % 74.21 %
Q1 2023 37.06 % 21.49 % 80.05 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2014 3,705.88 0.20 0.20 8.08
Q2 2014 3,705.88 0.21 0.21 8.55
Q3 2014 3,705.88 0.23 0.23 8.71
Q4 2014 3,705.88 0.23 0.23 8.70
Q1 2015 3,705.88 0.24 0.24 8.32
Q2 2015 3,705.88 0.25 0.25 8.40
Q3 2015 3,705.88 0.25 0.25 7.76
Q4 2015 3,705.88 0.19 0.29 7.72
Q1 2016 3,705.88 0.18 0.28 7.15
Q2 2016 3,705.88 0.10 0.20 7.15
Q3 2016 3,705.88 (0.08) 0.09 7.32
Q4 2016 3,705.88 (0.09) (0.03) 7.62
Q1 2017 3,705.88 (0.09) (0.09) 7.73
Q2 2017 3,705.88 (0.01) (0.07) 8.00
Q3 2017 3,705.88 0.15 (0.11) 8.30
Q4 2017 3,705.88 0.18 (0.08) 8.51
Q1 2018 3,705.88 0.18 0.00 8.29
Q2 2018 3,705.88 0.19 0.17 8.37
Q3 2018 3,705.88 0.19 0.26 8.32
Q4 2018 3,705.88 0.18 0.27 7.54
Q1 2019 3,705.88 0.21 0.32 7.91
Q2 2019 3,705.88 0.18 0.19 8.18
Q3 2019 3,705.88 0.14 0.18 8.12
Q4 2019 3,705.88 0.13 0.16 8.49
Q1 2020 3,705.88 0.05 0.05 7.12
Q2 2020 3,705.88 (0.29) (0.16) 7.42
Q3 2020 3,705.88 (0.36) (0.22) 7.36
Q4 2020 3,705.88 (0.40) (0.33) 8.31
Q1 2021 3,705.88 (0.36) (0.29) 8.73
Q2 2021 3,705.88 0.06 (0.01) 8.83
Q3 2021 3,705.88 0.14 0.07 8.77
Q4 2021 3,705.88 0.27 0.27 8.34
Q1 2022 3,705.88 1.85 0.26 8.93
Q2 2022 3,705.88 1.85 0.27 8.80
Q3 2022 3,705.88 1.92 0.33 7.77
Q4 2022 3,705.88 1.88 0.29 8.29
Q1 2023 3,705.88 0.32 0.32 8.71

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2014 More than 100 More than 100 2.78
Q2 2014 More than 100 More than 100 2.82
Q3 2014 More than 100 More than 100 2.74
Q4 2014 77.18 77.18 2.08
Q1 2015 85.20 85.20 2.44
Q2 2015 89.56 89.56 2.61
Q3 2015 71.37 71.37 2.32
Q4 2015 82.80 54.36 2.05
Q1 2016 64.91 42.08 1.67
Q2 2016 More than 100 56.09 1.55
Q3 2016 NEG More than 100 1.40
Q4 2016 NEG NEG 1.58
Q1 2017 NEG NEG 1.39
Q2 2017 NEG NEG 1.23
Q3 2017 69.20 NEG 1.27
Q4 2017 49.93 NEG 1.05
Q1 2018 49.34 More than 100 1.09
Q2 2018 45.86 52.63 1.04
Q3 2018 45.21 33.62 1.03
Q4 2018 42.41 28.53 1.03
Q1 2019 41.43 27.64 1.11
Q2 2019 42.28 40.53 0.95
Q3 2019 55.45 43.34 0.96
Q4 2019 56.76 47.18 0.89
Q1 2020 More than 100 More than 100 0.89
Q2 2020 NEG NEG 0.92
Q3 2020 NEG NEG 1.12
Q4 2020 NEG NEG 0.96
Q1 2021 NEG NEG 0.92
Q2 2021 More than 100 NEG 1.18
Q3 2021 77.17 More than 100 1.22
Q4 2021 36.79 36.79 1.21
Q1 2022 5.38 37.70 1.11
Q2 2022 4.97 34.34 1.05
Q3 2022 4.47 25.66 1.10
Q4 2022 4.12 26.46 0.93
Q1 2023 24.11 24.11 0.90

Business Segments (Million)

Compared With The
Period Intellectual Property Investments Operating Hotels Real Estate Other segments Health Care Sector
Q1 2014 295.66 291.02 154.43 - -
Q2 2014 279.22 436.26 181.46 - -
Q3 2014 169.73 499.83 143.34 - -
Q4 2014 298.68 475.93 172.32 - -
Q1 2015 242.57 252.61 219.81 - -
Q2 2015 235.31 395.99 199.26 - -
Q3 2015 362.25 379.66 123.24 - -
Q4 2015 498.17 286.48 296.75 - -
Q1 2016 173.06 316.21 - 39.04 112.17
Q2 2016 35.28 295.41 - 29.28 103.81
Q3 2016 - 358.23 - 31.56 37.47
Q4 2016 (481.32) 365.49 - 22.76 94.56
Q1 2017 274.13 279.17 - 25.24 83.38
Q2 2017 94.89 324.40 16.31 24.39 80.19
Q3 2017 37.97 326.63 88.72 22.14 74.93
Q4 2017 218.51 144.28 130.79 22.80 87.14
Q1 2018 37.55 255.51 119.19 23.60 77.20
Q2 2018 344.50 279.09 113.05 24.42 70.89
Q3 2018 48.36 239.32 98.14 24.33 71.45
Q4 2018 212.81 333.14 115.31 22.59 76.70
Q1 2019 517.42 204.55 111.65 21.13 74.34
Q2 2019 50.53 206.14 112.24 21.00 73.65
Q3 2019 (384.77) 255.13 85.94 24.22 67.07
Q1 2020 57.29 150.58 98.81 20.48 70.78
Q2 2020 94.98 2.09 53.86 13.36 50.15
Q3 2020 116.71 9.99 56.50 27.64 89.60
Q1 2021 70.57 18.49 69.24 16.58 -
Q2 2021 253.55 71.40 80.51 15.99 -
Q3 2021 76.63 187.16 59.35 15.14 -
Q4 2021 180.16 249.88 128.70 15.00 -
Q1 2022 131.73 171.64 128.39 18.28 -
Q2 2022 415.28 237.23 98.61 18.36 -
Q3 2022 286.45 252.57 92.55 17.74 -
Q4 2022 189.76 262.94 151.78 18.82 -
Q1 2023 309.37 198.20 143.54 21.02 -


Financial Ratios
Current
Market Cap (M Riyal) 31,685.29
Enterprise Value (EV) (M) 42,975.36
Shares Outstanding ((M)) 3,705.88
EPS ( Riyal) (TTM) 0.33
Book Value (BV) ( Riyal) 10.51
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 34.69
P/E (TTM) 25.62
Price/book 0.81
Return on Average Assets (%) (TTM) 2.3
Return on Average Equity (%) (TTM) 3.3
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Share Price

Kingdom Holding Co.
8.55
0.28 3.39 %

Kingdom Holding Co. (KINGDOM)

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