78 Days
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الاقتصادية
Kingdom Holding Q2 earnings fall
Saudi Arabia's "Kingdom Holding" company saw its profits decline by 17.7% year-on-year in the second quarter, reaching approximately 333 million riyals. This was due to reduced profits from the sale of investments in companies, dividend distributions, and increased taxes and expenses. Nonetheless, quarterly revenues increased by 1.34% to 631 million riyals, supported by growth in hotel revenues and other operational income. In the first half of the year, profits fell by 28% to 602 million riyals, while revenues decreased by 11.7% to 1.2 billion riyals, primarily due to lower dividend distributions, asset sales, and higher costs. The company's diversified operations span multiple sectors, with a market value of 46.8 billion riyals. Prince Alwaleed Bin Talal owns 78% of the company's capital.
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