Kingdom Holding year-on-year profits continue to climb

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Saudi Arabia’s Kingdom Holding reported a continued year-on-year climb in profits for Q2 2022, according to a Tadawul filing released on Thursday.

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Although net profit was down 92.8 percent in the second quarter of the year compared to Q1, it was still 3.6 percent higher when compared with Q2 2021.

Net profit after tax and zakat charity donations was $113.6 million (427.1 million riyals) in Q2 2022 compared to $110 million in the same quarter of 2021.

The company had a massive 1,362 percent spike in profit in the first quarter of the year (totaling $1.6 billion [6.2 billion riyals]) on the back of the sale of a 16.87 percent stake to the country’s Public Investment Fund (PIF).

It was reported in April that founder Prince Alwaleed bin Talal had agreed to sell part of the company to the PIF for $1.5 billion.

In the company’s filing for Q1 2022, it was reported that the increase in profit was due partly to the “sale of half of the stake of an associate.”

The company said in its statement that the 3.6 percent increase in profit for Q2 2022 compared with Q2 2021 was due to a higher dividend income, hotel and other operating revenues, and lower zakat expenses.

Kingdom Holding owns more than $13.3 billion worth of assets across 18 different sectors including hospitality, tourism, and financial services.

Prince Alwaleed, one of the world’s wealthiest men, retains a 78.13 percent stake in the company that he founded in 1996.

The company owns several major developments including the iconic Kingdom Tower in Riyadh.

Kingdom Holding was also behind the development of the Jeddah Tower, which was intended to surpass Dubai’s Burj Khalifa as the tallest building in the world.

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Saudi Arabia’s Kingdom Holding buys stake in UK’s M&G Plc

Saudi Arabia’s Prince Alwaleed to sell 16.87 pct of Kingdom Holding to PIF fund

New PIF housing development to be built over 4 mln sq. meters in Jeddah

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