Riyadh – Mubasher: Kingdom Holding on Thursday posted a net profit decline of 22% year-on-year to SAR 185.82 million ($49.55 million) in the second quarter of 2016, compared to SAR 238.3 million ($63.54 million) in the same period last year.

The company attributed the decrease in net profit to lower other revenues and profits of subsidiaries, added to a decrease in dividends income and increase in financial, and general and administrative expenses, according to a bourse filing on Thursday.

The Saudi-listed company’s net profit declined 23.27% to SAR 289.79 million in the first half of 2016 from SAR 377.68 million in the year-ago period.