Saudi Arabia’s Kingdom Holding reports swing to quarterly profit from big loss
It reported a 179.9-million riyal profit for the third quarter last year but the company
Dubai - Muslimchronicle
Saudi Arabian investment firm Kingdom Holding reported it swung to a third-quarter profit on Sunday.
Kingdom Holding, whose investments include stakes in major international firms such as Citigroup and Twitter , said it made 247.5 million Saudi riyals in the three months to September 30, compared with a restated loss of 355 million riyals in the same period a year ago.
It reported a 179.9-million riyal profit for the third quarter last year but the company said on Sunday it had restated that figure “to be consistent with current figures.” It did not elaborate. Saudi companies moved to internationally accepted IFRS accounting standards this year from a local system.
Profit for the third quarter of this year was boosted by an increase in hotel and operating revenues, larger dividend income, and income and gains on investments, the company said. Revenue increased 76 percent to 550 million riyals.
Source:Arabnews
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