Riyadh – Mubasher: Kingdom Holding Company purchased Citi Group’s shares for a total value of SAR 1.68 billion ($449.56 million) on 28 November 2023, according to a bourse disclosure.

The Tadawul-listed company bought the shares from its Chairman, Prince Alwaleed bin Talal bin Abdulaziz al Saud, increasing its ownership in Citi Group from 1.63% to 2.20%.

Kingdom Holding financed the transaction from its internal resources in order to support its strategic plans.

In the first nine months (9M) of 2023, the Saudi firm recorded 87.23% lower net profits after Zakat and tax at SAR 856.17 million, compared to SAR 6.70 billion in 9M-22.

Revenues increased by 5.63% to SAR 1.97 billion in the January-September 2023 period from SAR 1.86 billion a year earlier, while the earnings per share (EPS) plunged to SAR 0.23 from SAR 1.81.