Kingdom Holding Q3 profit jumps 24pc
Jeddah, October 20, 2011
Saudi Arabia's Kingdom Holding, the investment vehicle of Prince Alwaleed bin Talal, posted a 23.6 per cent rise in its third-quarter net profit on increased income from investments and dividends, it said in a bourse statement.
Kingdom recorded a net profit of SR197.7 million ($52.7 million) in the three months ending September 30, compared with 160 million riyals for the same period a year earlier.
Operational income at the firm increased by 12.9 percent in the third quarter to 210.8 million riyals from 186.7 million riyals in 2010.
'The reason for the change in net income for the period is due to an increase in income from investments and dividends income,' it said in the bourse statement.
Commenting on the results, Prince Alwaleed said, “KHC will continue to achieve strong results and distribute dividends. Even with the effects of regional conflicts, the company continues to experience improving results from local and real estate investments."
Kingdom has minority stakes in some of the world's top companies and is one of the largest shareholders in Citigroup.
The Saudi firm was in a $950 million joint bid with Bahrain's Batelco to acquire a 25 percent stake in Zain Saudi , the kingdom's third-largest mobile telephone operator, but dropped out at the end of last month after failing to agree terms.
In August, the firm signed a 4.6 billion riyal contract with the Bin Laden Group to build the world's tallest tower, exceeding 1,000 metres, in the Red Sea port city of Jeddah.
"I am confident that our strong results will continue with our very well defined vision particularly after having commenced with the execution of the real estate projects in Jeddah and Riyadh as previously planned,' he added.-Reuters and TradeArabia News Service