Saudi Kingdom Holding swings into $271m profit in 2021

RIYADH: Saudi Arabia’s Kingdom Holding Co. swung into profit in 2021, with its net income jumping 169 percent year-on-year.

Net profit stood at SR1.017 billion ($271 million), compared to a loss of SR1.46 billion a year ago, the investment company revealed in a filing. 

Revenues soared by 46 percent during the year, reaching SR1.51 billion.

Kingdom Holding attributed the results to factors including an increase in the share of results from “equity-accounted investees, higher dividend income, and a fall in financial charges.” 

Separately, the board of the firm proposed the distribution of SR0.28 per share, representing a total of SR1.04 billion, as dividends for 2022.