Saudi Arabia’s Kingdom Holding’s Profit Rises 22% to $329 Million in 2024
Saudi Arabia’s Kingdom Holding Company (KHC) said on Monday that its profit for the year rose by 22.1% compared to last year, reaching $329.8 million (1.2 billion Saudi riyals). This increase was helped by lower financial costs, lower hotel running costs, and getting back money from earlier losses.
Full-Year Performance
- KHC’s strong growth in net profit was helped by lower taxes, reduced spending on management, marketing, and general costs, and a drop in Zakat payments, the company said in a report to the Saudi Exchange (Tadawul).
- However, KHC said its total revenue for the year went down to $627.4 million (SAR 2.4 billion), which is 11.6% lower than the $720.8 million (SAR 2.7 billion) it made the year before.
- The company also mentioned that its income from dividends and profits from investments decreased last year, even though revenue from hotels and other businesses increased.
- KHC’s operating profit also dropped by 4.4% to $636.9 million (SAR 2.4 billion), compared to $666.2 million (SAR 2.5 billion) the year before.
- Despite this, KHC’s share price rose by 0.6% to $2.13 (SAR 7.98), making the company’s market value reach $7.8 billion (SAR 29.4 billion) as of 2:16 pm AST on Friday.
Dividend Proposal
KHC’s board has suggested paying out $276.7 million (SAR 1 billion) in cash dividends for 2024.
KHC Portfolio
KHC owns shares in the social media platform X and recently bought a $400 million (SAR 1.5 billion) stake in xAI, an artificial intelligence company supported by Elon Musk.
The company’s wide-ranging global investments give it access to special opportunities. Its latest investment in xAI shows its plan to invest early in new technologies and lead in the AI industry.
In January, KHC also announced plans to rebuild the Four Seasons Hotel in Beirut, which was damaged in the 2020 Beirut Port explosion. The hotel is expected to reopen in early 2026.
Saudi Arabia’s Public Investment Fund (PIF) owns a small share in KHC, and 5% of KHC’s shares are traded on the Saudi stock market.
Published: 18th March 2025
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