Kingdom Holding reports record profit surge to $2bn on doubled revenue

RIYADH: Saudi conglomerate Kingdom Holding Co. announced a massive profit jump for the first nine months of 2022.

Riyadh-based KHC saw its first-half profit skyrocket by 996 percent to SR6.7 billion ($2 billion), from SR612 million in the same period last year.

Its revenue doubled to SR1.9 billion during the same period, thanks to higher hotel and property sales, according to a bourse filing.

For the third quarter of the year, it recorded a 226 percent surge to SR355 million, compared to SR109 million it made in the same period last year.