Al-Malakeya profits fall 17.7% in Q2

Saudi "Kingdom Holding" Company's profits declined by 17.7% year-on-year to approximately 333 million riyals in the second quarter of the year, due to lower gains from the sale of companies and investments, reduced dividend income, as well as increased taxes and administrative and marketing expenses. Despite a 1.34% increase in hotel revenues and other operational income, the company's revenues for the first half of the year fell by 11.7% to 1.2 billion riyals, with net profits dropping by 28% to 602 million riyals, reflecting the impact of lower dividend distributions and higher costs. Founded in 1980, the company operates across various sectors including tourism, real estate, media, and entertainment. Its market value is 46.8 billion riyals, with Prince Alwaleed bin Talal owning approximately 78%.

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