News Column

Kingdom Holding Q2 net profit up 16.8pc

August 1, 2014

SAUDI ARABIA'S Kingdom Holding, the investment firm owned by billionaire Prince Alwaleed bin Talal, reported a 16.8 per cent increase in second-quarter net profit, citing higher income from investments.The firm has minority stakes in some of the world's top companies. Aside from being one of the largest shareholders in Citigroup, it owns stakes in Rupert Murdoch'sNews Corporation and microblogging site Twitter .

Net earnings in the three months to 30 June were SR211.6 million ($56.4 million), compared to SR181.2 million in the same period a year earlier, it said in a bourse statement.

It attributed the rise to an "increase in gains on investments and dividends income in addition to a decrease in financial costs".

Kingdom Holding's statement did not elaborate. Saudi companies issue brief earnings statements early in each reporting period before publishing more detailed results later.

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Source: Gulf, The (Bahrain)

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