Dubai, UAE — Saudi Arabian investment firm Kingdom Holding Company has announced a net profit of SAR171 million ($46 million) for the first quarter of 2023, down 97 percent from SAR 5.92 billion ($1.57 billion) in the same quarter last year.
In a Tadawul disclosure, the company said the fall in net profit was mainly because of one-off gains accrued in the first quarter of 2022 due to the sale of its stake in Four Seasons Holding.
“Should that gain be excluded, the company achieved an increase in the net profit during the current quarter compared to the same quarter of last year,” the company said.
The company also achieved an increase in dividend income, decrease in zakat expense, increase in share of results from equity-accounted investees, increase in hotels and other operating revenues, Kingdom Holding said.
Net profit drop was also attributed to decrease in share of results from equity-accounted investees, decrease in hotels and other operating revenues, decrease in finance income, increase in financial charges, increase in general, administrative and marketing expenses and increase in withholding and Income tax.