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Majestic profits for Kingdom Holding
Saudi firm makes net profit of SAR110.1 million ($29.4 million) during Q1.
April 22, 2013 9:18 by kippreport
Saudi Arabia’s Kingdom Holding , the investment firm of billionaire Prince Alwaleed bin Talal, posted a 9.2 per cent increase in its first-quarter net profit, it said in a bourse statement on Sunday.
The firm made a net profit of SAR110.1 million ($29.4 million) during the three months ending March 31, compared with SAR100.8m riyals in the same period a year earlier.
Kingdom Holding attributed the growth to a gain on investments, a decrease in finance charges and the reversal of an impairment loss.
The investment 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’s News Corp and microblogging site Twitter.
Talal, a grandson of Saudi Arabia’s founder and a nephew of King Abdullah, hit the headlines last month in a spat with Forbes over his position in the magazine’s billionaires list. He was listed as number 26 estimate on the rich list, with the estimation of $20 billion undervaluing him by $9.6bn, according to the prince himself.
($1 = SAR3.7501) (Reporting by David French; Editing by Andrew Torchia)