RIYADH: Saudi conglomerate Kingdom Holding Co. announced a massive profit jump for the first nine months of 2022.
Riyadh-based KHC saw its first-half profit skyrocket by 996 percent to SR6.7 billion ($2 billion), from SR612 million in the same period last year.
Its revenue doubled to SR1.9 billion during the same period, thanks to higher hotel and property sales, according to a bourse filing.
For the third quarter of the year, it recorded a 226 percent surge to SR355 million, compared to SR109 million it made in the same period last year.
During 2022 KHC closed an SR12.8 billion multisector investment program, following the sale of shares to the Public Investment Fund of Saudi Arabia.
Saudi billionaire Prince Alwaleed bin Talal sold part of his stake in KHC to the PIF in a $1.5 billion deal, reducing his interest to 78.13 percent.