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Profits up 21 pct at Saudi prince’s Kingdom Holdings | ASHARQ AL-AWSAT English Archive 2005 -2017
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DUBAI, (Reuters) – Kingdom Holding (KHC), owned by Saudi billionaire Prince Alwaleed bin Talal, has reported a 20.8 percent rise in its second-quarter net profit, thanks mostly to income from investments and dividends.

The company said in a statement on Tuesday that its quarterly earnings rose to 163.5 million riyals ($43.6 million), having reported a net profit of 135.4 million riyals a year earlier.

“The increase in net profit is due to a rise in the company’s profits from investments and dividends of its investment in capital markets,” Kingdom said in a statement posted on the Saudi bourse website.

Kingdom Holding, an investment company that has minority stakes in some of the world’s top companies, is a main shareholder in Citigroup .

The statement said there was a “low performance of associated companies and hotel operators as a result of current events in the Middle East”, in an apparent reference to the political unrest in the region.

The statement did not elaborate, but the company reported that operating profit rose just 4.7 percent to 183.5 million riyals in the second quarter.

“I am confident that the outlook for the company’s continuing profitability is promising especially in so far as the real estate developments in Saudi Arabia,” Chief Financial Officer Shadi Sanbar said in the statement.

“KHC is poised to capitalise on financial and strategic opportunities as they come up,” he added.