Mixes figures + low visibility in the short term, what’s the story?
By the end of September 2016, revenues dropped by 3.49% to SAR2.327bn vs. SAR2.411bn, a year ago. Thanks to a decrease in the operating costs (-10.99%), the EBITDA increased by 4.83% to SAR1.199bn. Therefore, the EBITDA margin went up to 51.53% vs. 47.45%, a year earlier.Because of an exceptional loss of SAR-233m following the Accor hotels transaction, 9m 2016 net profit amounted to SAR469.668m vs. SAR669.232m by the end of September 2015.
By Segment, the Hotels segment witnessed a revenue increase of 17.55% to SAR1.209bn, coupled with a net profit in a negative territory (SAR-10.387m). In addition, the Real Estate segment recorded revenues of SAR389.491m, down by 28.18% compared to the same period a year ago. Also, the Equity segment recorded a top-line slump of 13.3% with a net profit drop of -22.33%.
Kingdom Holding Company is engaged in hotel management and operation, general contracting, operation and maintenance, wholesale and retail trading of construction materials, foodstuff, agriculture products and metals for non-construction and petroleum products, trading of transportation equipment, advertising, commercial services, education, medical services, commercial agencies, investment and establishment of other companies.
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