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Saudi Arabia conglomerate Kingdom Holding, which is controlled by billionaire Prince Alwaleed Bin Talal, posted a 3.6% rise in net profit for the second quarter of the year on the back of higher hotel and other operating revenues.
Total net profit for the three-month period ending June 30 reached SAR427.1 million ($113.6 million), compared to SAR412.2 million a year ago, according to a statement to the Saudi Stock Exchange (Tadawul) on Thursday.
Sales/revenue stood at SAR769.4 million, nearly doubling the SAR421.4 million recorded in the same period last year.
Higher dividend income also supported Kingdom Holding's earnings for the quarter.
"[The increase in net profit] is due to the increase in dividend income, hotel and other operating revenues, increase in other gains and decrease in Zakat expense," the company said.
(Writing by Cleofe Maceda; editing by Daniel Luiz )
