‎“Kingdom Holding” profits jump 584% during 2022 to SR6.95 ‎bln

The net profit after zakat and tax of the Kingdom Holding Company jumped to 6.95 billion riyals during the year 2022 AD, compared to 1.1 billion riyals in the year 2021 AD, at a rate of 584%. This came after today’s announcement of the annual financial results ending on 12-31-2022.

The operational profit amounted to 7.9 billion riyals during the year ending in 2022, compared to 1.7 billion riyals in the previous year, an increase of 356%.

As for gross profit, it amounted to 1.59 billion riyals during the year ending in 2022, compared to 878 million riyals in the previous year, with a growth of 81%.

Earnings per share in the current year amounted to 1.88 riyals, compared to 0.27 riyals in the previous year.

The reason for the increase in net profit during the current year compared to the previous year is mainly due to gains from selling half of the company’s stake in an associate company, in addition to the increase in hotel revenues and other operating income, the increase in dividend income, and the increase in the company’s share of corporate results. Invested in it using the equity method, the increase in financing revenues, the decrease in the item of the decrease in the value of financial assets, the decrease in the zakat expense. Despite the absence of gains from selling an investment property during the current year compared to the previous year, in addition to the increase in financial expenses, the increase in hotel costs and other operational costs, the decrease in other gains, the increase in general, administrative and marketing expenses, and the increase in expenses Income tax, the decrease in profit from investments at fair value through profit or loss.

The company said that some items have been reclassified for the comparison period.