Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON

MarketScreener Homepage  >  Equities  >  Saudi Arabian Stock Exchange  >  Kingdom Holding Company    4280   SA31RG522S19

KINGDOM HOLDING COMPANY

(4280)
  Report
End-of-day quote. End-of-day quote Saudi Arabian Stock Exchange - 05/21
6.45 SAR   -0.31%
2019KINGDOM : completes 4.8m share acquisition in US Lyft
AQ
2019KINGDOM : to pay 5% cash dividends for FY18
AQ
2018Careem planning to spend $150 million to launch food delivery business - sources
RE
SummaryChartsNewsCalendarCompanyFinancialsConsensusRevisions 
News SummaryMost relevantAll newsPress ReleasesOfficial PublicationsSector news

Exclusive: Uber's Middle East rival Careem in talks on new funds - sources

share with twitter share with LinkedIn share with facebook
share via e-mail
03/28/2018 | 12:04pm EDT
Saudi woman shows the Careem app on her mobile phone in Riyadh

DUBAI (Reuters) - Careem, Uber's main [UBER.UL] ride-hailing app rival in the Middle East, is in early talks to raise as much as $500 million in new funds from investors, sources told Reuters.

Careem, which declined to comment, is testing the appetite of potential investors, three sources said.

The company was estimated to be worth about $1 billion as of December 2016, but it was not immediately clear what the latest valuation would be based on the proposed funding round.

Some of the new money raised could go towards new business lines, one source said, adding Careem may be looking to diversify ahead of a potential initial public offering (IPO).

Careem has repeatedly said that a listing is eventually on the cards, but that it was not an immediate focus for the company.

It said in June it had raised $150 million from investors including Saudi Arabia's Kingdom Holding and German car maker Daimler, closing out a $500 million funding round. Other investors in Careem include China's largest ride-hailing DiDi Chuxing, which has attracted funding from SoftBank Group Corp .

Careem says it has 20 million registered users and operates in more than 90 cities. It has said it is eager to enter new markets such as Tunisia and Algeria and in February announced the acquisition of restaurant listing reservation platform RoundMenu, which it said it would use to trial food delivery services.

A second source said they had been approached by a third party to participate in Careem's latest funding round.

Uber Technologies [UBER.UL], which is preparing for a potential IPO in 2019, is pulling back from some markets including Russia, China, and South East Asia in the face of fierce competition.

IPO AN OPTION

In Egypt, both Uber and Careem had their licenses suspended on March 20 by a court ruling after taxi drivers sought to shut down their operations.

Careem, however, said it had not yet received any official request to stop operations and continued to operate as normal.

Chief Executive Mudassir Sheikha said in June 2017 that Careem, which is targeting profitability in the second half of 2018, could speed up plans to expand its registered drivers to one million in 2018, up from 250,000 at the time.

Sheikha said in March 2017 an IPO was "one of several options for an exit or liquidation" for Careem.

Both Uber and Careem are yet to make a profit, said the third source, a Gulf-based investor.

"At some point, they need to become profitable and show some potential cash flow coming in," this source said.

Middle East start-ups have begun to attract more attention from global companies, including Amazon which bought online retailer Souq.com last year, in a deal described as the largest technology M&A deal in the region.

Chinese e-commerce company JD.com told Reuters in October that it was looking to partner with the Saudi government to enter the Middle East market.

(Editing by Louise Heavens/Jane Merriman/Alexander Smith)

By Hadeel Al Sayegh, Alexander Cornwell and Nawied Jabarkhyl

Stocks mentioned in the article
ChangeLast1st jan.
AMAZON.COM, INC. 0.50% 2424.405 Delayed Quote.31.06%
DAIMLER AG -1.41% 35.05 Delayed Quote.-27.99%
KINGDOM HOLDING COMPANY -0.31% 6.45 End-of-day quote.-14.57%
SOFTBANK GROUP CORP. 1.96% 4827 End-of-day quote.1.49%
UBER TECHNOLOGIES, INC. 0.23% 35.0032 Delayed Quote.17.28%
share with twitter share with LinkedIn share with facebook
share via e-mail
Latest news on KINGDOM HOLDING COMPANY
2019KINGDOM : completes 4.8m share acquisition in US Lyft
AQ
2019KINGDOM : to pay 5% cash dividends for FY18
AQ
2018Careem planning to spend $150 million to launch food delivery business - sour..
RE
2018Ex-CEO of Banque Saudi Fransi under travel ban amid probe into staff bonus br..
RE
2018AccorHotels to buy Movenpick for emerging markets boost
RE
2018Prince Alwaleed's firm sells Movenpick Hotels to AccorHotels
RE
2018AccorHotels to pursue acquisitions, no special dividend
RE
2018Saudi's Kingdom Holding proposes fiscal year dividend
RE
2018EXCLUSIVE : Uber's Middle East rival Careem in talks on new funds - sources
RE
2018EXCLUSIVE - UBER'S MIDDLE EAST RIVAL : sources
RE
More news
Financials (SAR)
Sales 2020 2 868 M
EBIT 2020 959 M
Net income 2020 769 M
Debt 2020 12 050 M
Yield 2020 7,75%
P/E ratio 2020 30,7x
P/E ratio 2021 25,8x
EV / Sales2020 12,5x
EV / Sales2021 11,7x
Capitalization 23 903 M
Chart KINGDOM HOLDING COMPANY
Duration : Period :
Kingdom Holding Company Technical Analysis Chart | MarketScreener
Full-screen chart
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 1
Average target price 9,00 SAR
Last Close Price 6,45 SAR
Spread / Highest target 39,5%
Spread / Average Target 39,5%
Spread / Lowest Target 39,5%
EPS Revisions
Managers
NameTitle
Talal bin Ibrahim Al-Maiman Chief Executive Officer & Executive Director
Alwaleed bin Talal Al-Saud Chairman
Adel bin Abdulaziz Al Abdussalam Chief Financial Officer & Executive Director
Taher Mohammed Omar Agueel Independent Director
Khaled Abdullah Al-Suhaim Deputy Chairman
Sector and Competitors
1st jan.Capitalization (M$)
KINGDOM HOLDING COMPANY-14.57%6 363
CK HUTCHISON HOLDINGS LIMITED-33.11%24 724
HAL TRUST-13.75%11 375
INDUSTRIVÄRDEN AB-8.97%9 513
KOC HOLDING AS--.--%5 877
LIFCO AB (PUBL)-0.35%5 366