Riyadh – Mubasher: Kingdom Holding on Tuesday announced achieving SAR 216,303 in profits in the second quarter of 2017 against losses of SAR 79,975 in the year-ago period.
Quarter-on-quarter, profits grew 67.56% from SAR 129,088, Kingdom Holding said in a filing to the Saudi Stock Exchange (Tadawul).
Operating profits surged 895.34% to SAR 369,599 in Q2-17 from SAR 37,133 in Q2-16, while revenues increased 16% year-on-year to SAR 540 million compared to SAR 464 million.
Between January and June, Kingdom Holding’s profits soared 899.74% to SAR 345,391 compared to SAR 34,548 in the same period of 2016, the statement showed.
Total revenues for the first six months of the year declined by 8.9% to SAR 1.2 billion from SAR 1.1 billion in the same period in 2016.
The year-on-year profit growth in Q2-17 and H1-17 was attributed to higher income and gains from investments, as well as increased dividends income, the company revealed.
“[An] increase in other gains and increase in share of results from equity-accounted investees” also contributed to the profit rise, despite rising financial charges and higher general and administrative expenses.
