Saudi’s Kingdom Holding Q4 net profit falls 19.9 percent

Saudi’s Kingdom Holding Q4 net profit falls 19.9 percent

Kingdom Holding Co, the investment vehicle of Saudi billionaire Prince Alwaleed bin Talal, posted a 19.9 percent decline in fourth-quarter net profit due to a decreased performance by associated hotels, it said on Saturday.

January 22, 2012 11:21 by Reuters

Kingdom Holding made a net profit of 187.8 million riyals ($50.1 million) in the three months ending Dec. 31, compared with 234.6 million riyals in the same period a year earlier.

“The change in net income for the fourth quarter is due to a decrease in performance of associated companies, and hotel management companies due to the current events in the Middle East,” the company said in a statement posted on the bourse website.

Operational income decreased 36.4 percent to 168.4 million riyals.

Kingdom has minority stakes in some of the world’s top companies and is one of the largest shareholders in Citigroup

Last month Prince Alwaleed and Kingdom unveiled a $300-million purchase of a stake in Twitter, one of Internet’s most popular social networking services.

In August, the firm signed a 4.6 billion riyal contract to build the world’s tallest tower, exceeding 1,000 metres, in the Red Sea Port city of Jeddah. ($1 = 3.7504 Saudi riyals) (Reporting by Asma Alsharif; Editing by Firouz Sedarat) *image from Arabnews.com