Kingdom Holding Company (KHC) has posted a 1,162 percent increase in profit to $1.7 billion in the first half of 2022, up from $134 million in the same period last year.
KHC’s revenue more than doubled to $320 million during the same period, thanks to higher hotel and property sales, according to a bourse filing.
During the first half of the current year, KHC closed an $3.41 billion investment program, following the sale of shares to the Saudi sovereign wealth fund.
Saudi billionaire Prince Alwaleed bin Talal sold part of his stake in KHC to the Public Investment Fund in a $1.5 billion deal, reducing his interest to 78.13 percent.