Saudi investment firm says it made a net profit of $27.7m in the three months to March 31
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 103.97 million riyals ($27.73 million) in the three months to Mar. 31, down from 139.38 million riyals 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.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.