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.
Saudi billionaire Prince Alwaleed bin Talal sold part of his stake in KHC to the Public Investment Fund in a $1.5 billion deal, reducing his interest to 78.13 percent.