HomeBanking & FinanceKingdom Holding Company’s earnings jump 226% in Q3
By Economy Middle East
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November 9, 2022 7:45 pm

Kingdom Holding Company’s earnings jump 226% in Q3

6.7 billion riyals of the company's profits in 9 months
Kingdom holding
Kingdom Holding

Kingdom Holding Company’s (KHC) net profit increased by 226.4 percent in the third quarter of 2022, to SAR 354.8 million after zakat and tax, compared to a net profit of SAR 108.58 million in the third quarter of 2021.

The company, owned by Saudi billionaire Prince Alwaleed bin Talal, said in a statement on Tadawul Saudi Arabia today that the rise in net profit in the third quarter of 2022, year-on-year, is due to the increase in dividend income as well as hotel revenues and other operating income, in addition to the increase in the company’s share of the results of companies invested in equity and rise in other gains.

On a quarterly basis, KHC’s profit in the third quarter of 2022 fell by 16.94 percent compared to a profit of about 427.14 million riyals in the second quarter of 2022.

During the first nine months of 2022, the company’s profit jumped by 996.02 percent to 6.7 billion riyals, compared to a net profit of about 611.99 million riyals in the comparative period of 2021.