Skip to content Skip to Search
Skip navigation

Kingdom Holding profit up 10% on higher hotel revenue

By Pramod Kumar
A view of the Kingdom Holding tower in Riyadh. The company's profit was driven by an increase in hotel and other operating revenues Creative Commons
A view of the Kingdom Holding tower in Riyadh. The company's profit was driven by an increase in hotel and other operating revenues

Kingdom Holding Company, the investment firm of Saudi billionaire Prince Alwaleed Bin Talal, reported a 10 percent increase in net profit to SAR391.2 million ($104.29 million) in the third quarter of 2023.

The profit was driven by an increase in hotel and other operating revenue, higher finance income, and lower withholding and income tax.

Despite this, the company reported a decline in dividend income, a rise in Zakat expenses, an increase in hotel and other operating costs, as well as administrative and marketing expenses.

Revenue slipped 6.3 percent year on year to SAR608.18 million during the period.

Kingdom Holding’s net profit slumped 87 percent to SAR856.2 million in the first nine months of 2023, compared to SAR6.7 billion a year earlier on the increase in financial charges, higher hotel and other operating costs and a rise in general, administrative and marketing expenses.

The company signed a SAR2 billion ($530 million) joint venture last month with Red Sea Global to develop and own a Four Seasons resort at the Red Sea giga-project.

The luxury development, scheduled to open in early 2025, will be built on Shura Island, the main hub of the 22-island giga-project.

Latest articles

ReNew Energy Global has a clean-energy portfolio of about 16.3GW and is one of India's major independent power producers

UAE-backed group to take India’s ReNew Energy private

A consortium including UAE-based investors plans to take the $2.4 billion Indian clean energy company ReNew Energy Global private. The group, comprising Abu Dhabi Investment Authority’s subsidiary Platinum Hawk, Masdar, Canada Pension Plan Investment Board and Sumant Sinha, founder and chairman of ReNew, have proposed $7.07 per share. This is a premium of 11.5 percent to the stock’s last close, […]

Operator Base Exchange says the new bourse's initial focus will be on companies already traded on Sao Paulo’s Bovespa (B3) stock exchange

Mubadala-backed Brazilian bourse targets 2025 debut

Brazil’s newest stock exchange, which is owned by Abu Dhabi’s Mubadala, is expected to begin operations in the second half of 2025, following a six-month testing phase. Base Exchange, the operator of the exchange, will initially trade equities, real estate funds and exchange-traded funds (ETFs) through its own clearing and settlement structure, Reuters reported, citing CEO Claudio […]

Morocco has manufactured one million vehicles annually, including four electric models, over the past two decades

Morocco partners with central African nations on EV plan

Morocco, the Democratic Republic of Congo (DRC) and Zambia have joined together to develop the infrastructure needed for electric vehicles (EVs), as they strive to lower their dependence on fossil fuels. The three nations will club their resources and experiences to support the development of EV batteries and battery precursors. Developing carbon-free transportation is essential […]

A sandstorm in Jeddah. Saudi Arabia's Sand and Dust Storm Warning Advisory and Assessment System is based in the city

Saudi Arabia to invest $10m in sandstorm warning system

Saudi Arabia will invest $10 million over the next five years to support its global sand and dust storm monitoring initiative. The initiative, launched through its United Nations Convention to Combat Desertification (UNCCD) Cop16 presidency, will expand on existing international sand and dust storm capacity, overseen by the World Meteorological Organisation (WMO). Two billion tonnes […]