The first quarter net profit ( Q1 2023 ) of Saudi Arabian investment firm Kingdom Holding Co (KHC), plunged to 171 million riyals ($46 million) versus SAR 5.92 billion in Q1 2022 due to the one-off gains accrued in the prior period on the sale of its stake in global hospitality company Four Seasons.
Excluding that gain, the company "achieved an increase in the net profit during the current quarter compared to the same quarter of last year", Kingdom Holding said in a regulatory filing on Riyadh's Tadawul exchange without disclosing figures.
The company, owned by Saudi billionaire Prince Alwaleed Bin Talal, sold half of its stake in Four Seasons in a $2.21 billion cash deal last year.
It said sales revenue was up 49% on year to SAR 672 million.
(Writing by Brinda Darasha; editing by Seban Scaria)