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Saudi Kingdom Holding Q3 Profits Surge 53 percent - ASHARQ AL-AWSAT English Archive
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RIYADH, Saudi Arabia (AP) — The investment company headed by Saudi billionaire Prince Alwaleed bin Talal says its third quarter net profit surged almost 53 percent compared with the same period last year.

Kingdom Holding Co. said in a statement Monday the gains were linked to an improvement in the performance of associated companies, as well as income from investments.

Net profit climbed to 160 million riyals ($42.7 million) compared with 104.8 million riyals in the third quarter of 2009.

Alwaleed holds 95 percent of Kingdom Holding, a major investor in Citigroup, Apple, News Corp. and other international giants.

The company said it is “continuing to experience improving results from its hotel management companies and its owned hotels and associated companies.”

Asharq Al-Awsat

Asharq Al-Awsat

Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities. Launched in London in 1978, Asharq Al-Awsat has established itself as the decisive publication on pan-Arab and international affairs, offering its readers in-depth analysis and exclusive editorials, as well as the most comprehensive coverage of the entire Arab world.

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