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Kingdom Holding to pay 2024 dividend despite revenue drop

By Pramod Kumar
Kingdom Holding Company owner Prince Alwaleed Bin Talal, pictured last year at Riyadh's Kingdom Arena Reuters
Kingdom Holding Company owner Prince Alwaleed Bin Talal, pictured last year at Riyadh's Kingdom Arena

Kingdom Holding Company (KHC), the conglomerate owned by Saudi Arabian Prince Alwaleed Bin Talal, will pay an annual dividend despite a fall in revenues for 2024.

The dividend payout will reach SAR1 billion ($267 million), or 2.8 percent of its capital, the investment company said in a statement to the Saudi stock exchange on Monday.

Net profit for 2024 rose 22 percent to SAR1.2 billion from SAR1 billion in 2023 due to lower financial charges and higher gain on the sale of investment property.

Revenue was down 12 percent year on year to SAR2.4 billion due to a decrease in dividend income.

In January CEO Talal Ibrahim Al-Maiman said that KHC would be interested in investing in ByteDance’s TikTok if Elon Musk or others offered to buy it.

KHC has a broad range of global investments, including Elon Musk’s social media platform X, US ride-hailing app Lyft, Saudi airline Flynas and hotel groups Four Seasons, Rotana Group and Fairmont Raffles Swissotel.

Past investments have ranged from Amazon, Apple, Citigroup and The Coca-Cola Company, to EuroDisney, News Corporation and Pepsi.

KHC shares closed at SAR7.93 on the Saudi bourse on Sunday.

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