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Saudi's Kingdom Holding Q2 net profit falls 22pc

DUBAI, July 28, 2016

Saudi Arabia's Kingdom Holding, the investment firm owned by billionaire Prince Alwaleed bin Talal, posted a 22 per cent fall in second-quarter net profit on Thursday as income from associates and dividends declined.

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 SR185.8 million ($49.5 million) in the three months to June 30, down from SR238.3 million in the same period a year earlier, it said in a bourse statement.

It attributed the fall in net profit to lower income from associates, joint ventures and other income sources, in addition to a decrease in dividends income, a rise in finance charges as well as general and administrative costs.

Kingdom has started a sales process for its Four Seasons hotel in the Canadian city of Toronto, with the property expected to sell for as much as C$250 million, Reuters reported on June 6 citing sources familiar with the matter. - Reuters




Tags: profit | Kingdom | Net | Fall | Q2 | Holding |

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