Riyadh – Mubasher: Kingdom Holding Company (KHC) on Wednesday posted a 12.2% year-on-year increase in net profits for the second quarter of 2018.

KHC achieved a profit of SAR 242.7 million during Q2-18, up from SAR 216.3 million in Q2-17, according to a bourse filing.

Quarter-on-quarter, profits levelled up 69.65% during the poriod between April and June, from SAR 143.04 million.

The firm attributed the second-quarter profit increase to a rise in hotels' operating revenues, in addition to a growth of earnings which were generated via investments.

At the level of the first six months of 2018, KHC’s profits rose 11.7%, to SAR 385.7 million, from SAR 345.4 million during H1-17.

Revenues jumped 11.9%, reaching SAR 1.3 billion by the end of H1-18, compared to 1.2 billion from January to June 2017.

Shareholder's equity, excluding the minority interest, fell 1.6%, reaching SAR 31 million during H1-18, from SAR 31.5 million in the corresponding period last year.

Earlier on Wednesday, KHC’s chairman Alwaleed bin Talal announced purchasing a 2.3% stake of Snapchat at a value of SAR 950 million ($250 million).

KHC’s stock rose 1.01% to end Wednesday’s trading session at SAR 8.99.