Kingdom Holding reports massive 1,162% profit surge to $1.7bn

RIYADH: Saudi Arabia’s Kingdom Holding Co. has seen its profits skyrocket by 1,162 percent to SR6.35 billion ($1.7 billion) in the first half of 2022 from SR503 million in the same period last year.

Riyadh-based KHC’s revenue more than doubled to SR1.2 billion during the same period, thanks to higher hotel and property sales, according to a bourse filing.

Among the major highlights in the first half, KHC closed an SR12.8 billion multisector investment program, following the sale of shares to the Saudi sovereign wealth fund.