Kingdom Holding’s profits jump to 5.9 billion riyals in the first quarter of 2022

Kingdom Holding Company’s preliminary financial results showed an increase in its net profit after zakat and taxes, of 6407.4% in the first quarter of 2022, to about 5.92 billion riyals, compared to about 91.06 million riyals. in the same quarter of 2021.

On a quarterly basis, Kingdom Holding’s net profit increased by 1361% compared to a net profit of approximately 405.43 million riyals in the fourth quarter of 2021.

Kingdom Holding stated, in a statement on “Saudi Tadawul” today, Monday, that the reason for the increase in net profit during the first quarter of quest’year, on an annual basis, is due to the gains from the sale of half of the company’s stake in an associate, as well as the increase in hotel and other operating income, in addition to the increase in the share of the results of investee companies using the equity method, as well as the increase in profit from equity investments at fair value through profit or loss, as well as the increase in dividend income in added to the increase in profits deriving from the exclusion of real estate investments.

He added that despite the decrease in other earnings and also the increase in the expenses of Zakat as well as an increase in operating costs for hotels and others, as well as an increase in general, administrative and marketing expenses, as well as an increase in expenses imposed on the income and increased financial charges.

Kingdom Holding Company announced that one of its subsidiaries, Kingdom Investment Company 1 (TSF), had signed an agreement to sell half of its stake. in Four Seasons Holding Company, accounting for 23.75%, for a total value of 8.29 billion Saudi riyals, and maintains 23.75% ownership of Four Seasons Holding Company.

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