Saudi Arabia's Kingdom Holding , the investment firm of billionaire Prince Alwaleed bin Talal, posted a 10.3 percent increase in fourth-quarter net profit on Tuesday, mainly due to a rise in the value of its investments.
Kingdom made a net profit of SAR231.2m ($61.65m) for the quarter compared with a profit of SAR209.6m for the year-ago period, it said in a bourse statement.
The investment firm has minority stakes in some of the world's top companies. Aside from being one of the largest shareholders in Citigroup, it owns stakes in Rupert Murdoch's News Corp and microblogging site Twitter.
Full-year net profit rose 5 percent to SAR742.5m, Kingdom said.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.
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