Kingdom Holding issues earnings upgrade

KINGDOM HOLDING: Saudi market informed of earnings upgrade. (GETTY IMAGES)

Kingdom Holding Co, owned by Saudi billionaire Prince Alwaleed bin Talal, said on Saturday that it had revised its fourth-quarter earnings to show a gross profit of 276 million riyals compared to 76 million riyals earlier.

The company's fourth-quarter net loss of around $8.3 billion was not affected by the revisions.

The revision followed the completion of an examination by Kingdom Holding of its preliminary financial earnings for 2008 and a "re-categorization of some items of its income statement", according to a statement posted on Saudi bourse website.

Based on this "re-categorization", the company said, Kingdom Holding showed a gross profit of 276 million riyals ($73.6 million) compared to 76 million riyals reported on Jan. 20.

The company on Jan. 20 also reported a Q4 net loss of 30.97 billion riyals ($8.26 billion) after a dive in the value of its assets, which include a substantial stake in Citigroup. (Reuters)
 

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