PHOTO
Saudi Prince Alwaleed bin Talal bin Abdulaziz Al Saud waves after his meeting with French President Francois Hollande at the Elysee Presidential Palace on September 8, 2016 in Paris, France. (Photo by Chesnot/Getty Images)
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 )
