The financial statements of Kingdom Holding Company revealed an increase in the company's profits in the second quarter of this year by 3.6% to reach 427.15 million riyals, compared to 412.25 million riyals in profits for the same period last year.
According to the company's results on the Saudi stock market website, Tadawul, today, Thursday, the revenues for the period amounted to 469.48 million riyals, compared to 421.45 million riyals for the same period of the previous year, a growth of 82.6%.
The company said that the rise in quarterly profits during the comparison periods is due to the increase in dividend income, as well as hotel and other operating income, in addition to the rise in other gains and the decrease in Zakat expense.
This is despite the increase in the operational costs of hotels and others, as well as the decrease in the company’s share of the results of the companies invested in the equity method, the increase in administrative, general and marketing expenses, in addition to the increase in the expenses of financial burdens and the decrease in investment gains through profit and loss, as well as the increase in income tax expense.
In terms of semi-annual results, the company achieved profits of 6.353 billion riyals, compared to 503.307 million riyals, profits for the first half of last year, with a significant increase in profits by 1162.2%.
The company's semi-annual revenues jumped by 104.5 percent to reach approximately 1.22 billion riyals by the end of the first half of this year, compared to 596.34 million riyals in the same period in 2021.
