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Kingdom Holdings Q3 profit climbs 12.4% YOY

Kingdom Holding Co. said its normalized net income for the third quarter came to 5 halalas per share, a gain of 12.4% from 5 halalas per share in the prior-year period.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was 201.3 million riyals, a gain of 12.4% from 179.1 million riyals in the prior-year period.

The normalized profit margin climbed to 23.3% from 22.0% in the year-earlier period.

Total revenue rose 6.4% year over year to 865.1 million riyals from 812.9 million riyals, and total operating expenses came to 465.1 million riyals, compared with 467.7 million riyals in the prior-year period.

Reported net income increased 10.0% on an annual basis to 291.6 million riyals, or 8 halalas per share, from 265.0 million riyals, or 7 halalas per share.

As of Oct. 23, US$1 was equivalent to 3.75 Saudi Arabian riyals.