Riyadh – Mubasher: Saudi Arabia-based, Kingdom Holding Company (KHC) on Sunday turned profitable in the third quarter of 2017, against losses in the year-ago period.
Net profits stood at SAR 247.5 million in Q3-17, against losses of SAR 354.96 million in Q3-16, according to a statement to the Saudi Stock Exchange (Tadawul).
KHC attributed turning to profitability to the rise in revenues and operating profits of hotels, dividends distribution income, and profits from investments.
“The positive Q3 results reflect Kingdom Holding's sound investment strategy and commitment to its shareholders,” Talal Almaiman, KHC’s CEO said.
At the level of the first nine months of 2017, the firm achieved SAR 592.94 million net profits, against SAR 320.4 million in the corresponding period in the year earlier.
KHC’s stock levelled down 7.59%, closing at SAR 9.51 on Sunday.
