The company’s net profit increased Kingdom Holding During the second quarter of this year slightly, despite a jump in revenues by 82.9%.
The company’s profits amounted to 427.146 million riyals, an increase of 3.6%, while revenues amounted to 769.476 million riyals.
The company said that the increase in dividend income, as well as hotel and other operating income, in addition to a rise in other gains and a decrease in zakat expense, was offset by a rise in operating costs for hotels, as well as a decrease in the company’s share of the results of companies invested in the equity method, an increase in administrative, general and marketing expenses, in addition to a rise Expenses of financial burdens and a decrease in the gains of investments through profit and loss, as well as a rise in income tax expense.
Kingdom Holding, Prince Alwaleed’s investment company, obtained deposit receipts issued by Gazprom, Lukoil and Rosneft in February, according to a stock exchange filing. Prior to the Russian invasion of Ukraine.
during the first quarter, invested “Kingdom Holdings” received 1.37 billion riyals ($365 million) in Gazprom’s US deposit receipts in February, the largest share of investments in Russian companies this year that has been disclosed so far. It also invested 196 million riyals in the global depositary receipts of “Rosneft”, and 410 million riyals in the American deposit receipts of “Lukoil” during the months of February and March.