Kingdom Holding year-on-year profits continue to climb

Kingdom Holding year-on-year profits continue to climb

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