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Kingdom Holding Q3 net profit up 10pc

RIYADH, October 22, 2015

Saudi Arabia's Kingdom Holding, the investment firm owned by billionaire Prince Alwaleed bin Talal, posted a 10 per cent rise in third-quarter net profit amid an increase in returns on its investments.

The investment firm has minority stakes in some of the world's top companies. These include Citigroup and microblogging site Twitter.

Kingdom made a net profit of SR291.55 million in the three months to September 30, up from SR265 million in the same period a year earlier, it said in a bourse statement.

On the results, Prince Alwaleed said: "KHC is steadfast in realising strong results. The rise in net profit was mainly due to an increase in profits and gains from investments."

KHC said its net income for the nine months period ending September 30, 2015 continued the positive trend reaching SR669.2 million compared to SR603.1 million recorded in the same period last year.

In July, Alwaleed pledged to gradually give his entire $32 billion fortune to charity. Included would be shares in Kingdom Holding, though Kingdom shares would not be sold and his actions would have no impact on either the company, or his general investment strategy, he said.

KHC chief financial officer Mohammed Fahmy Solaiman said the third payment of dividends has been deposited in shareholder’s accounts.-Reuters and TradeArabia News Service




Tags: Saudi | Kingdom Holding | profit | Alwaleed |

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