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15 April 2024

Alwaleed's KHC revises Q4 overall profit

By Reuters

Kingdom Holding Co, (KHC) owned by Saudi billionaire Prince Alwaleed bin Talal, said that it had revised its fourth-quarter earnings to show an overall profit of SR276 million (Dh270.3m) compared to SR76m earlier.

The company's fourth-quarter net loss of around $8.3 billion was not affected by the revisions. Overall profit refers to net sales minus the cost of sales, according to Saudi reporting rules posted on the stock exchange's website.

The revision followed the completion of an examination by KHC of its preliminary financial earnings for 2008 and a "re-categorisation of some items of its income statement", it said on Saudi bourse website. KHC reported a Q4 loss of SR30.97bn as the value of assets dipped.