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Prince Alwaleed

Kingdom Holding Q1 profit falls 25.4pc

RIYADH, April 21, 2016

Saudi Arabia's Kingdom Holding , the investment firm owned by billionaire Prince Alwaleed bin Talal, posted a 25.4 percent fall in first-quarter net profit on Thursday as income declined and finance charges increased.

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 SR103.97 million ($27.73 million) in the three months to March 31, down from SR139.38 million in the same period a year earlier, it said in a bourse statement.

It attributed the fall in net profit to a decrease in income from dividends, associates and joint ventures, as well as other income. The company also cited an increase in finance charges as another cause for its negative performance, which offset an increase in gains on investments and lower costs.

Saudi companies issue brief earnings statements early in each reporting period before publishing more detailed results later. - Reuters




Tags: investment | Kingdom Holding | Prince Alwaleed |

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