announced Kingdom Holding Company, Saudi Arabia On the conclusion of a sale and purchase agreement between the main shareholder and founder of the company, Prince Alwaleed bin Talal Al Saud and the Public Investment Fund, in which Prince Alwaleed bin Talal sold 625,000 shares of his shares in the company to the Public Investment Fund.
This share represents 16.87% of the company’s total shares through a private purchase and sale transaction at a price of 9.09 riyals per share, bringing the value of the deal to 5.7 billion riyals.
The transaction will be executed through Tadawul on 10/21/1443H (corresponding to 05/22/2022AD).
After the completion of the transaction, Prince Al-Waleed bin Talal Al Saud’s ownership percentage in the company will be 78.13%.
The preliminary financial results of Kingdom Holding Company showed an increase in its net profit following zakat and tax by 6407.4% in the first quarter of 2022, to regarding 5.92 billion riyals, compared to regarding 91.06 million riyals in the same quarter of 2021.
On a quarterly basis, Kingdom Holding’s net profit increased by 1361% compared to a net profit of regarding 405.43 million riyals in the fourth quarter of 2021.
Kingdom Holding said that the reason for the increase in net profit during the first quarter of this year, on an annual basis, is due to gains from selling half of the company’s stake in an associate company, as well as the increase in hotel and other operating income, in addition to the company’s increase in the company’s share of the results of invested companies. The equity method, as well as an increase in profit from investments at fair value through profit or loss, and also an increase in dividend income, in addition to an increase in gains from the disposal of an investment property.