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.”