Alwaleed's Kingdom posts 9.4% rise in Q2 profit

Investment firm says sale of real estate investments make up for hotel revenue losses
Alwaleed's Kingdom posts 9.4% rise in Q2 profit
Prince Alwaleed Bin Talal, chairman of Kingdom Holding.
By Reuters
Sat 21 Jul 2012 07:01 PM

Saudi Arabia's Kingdom Holding , the investment firm of Saudi billionaire Prince Alwaleed bin Talal, made a 9.4 percent rise in its second quarter net profit, it said in a bourse statement on Saturday.

The firm made a net profit of SR178.9m ($47.70m) during the second quarter this year, compared to SR163.5m in the same period a year earlier.

The rise in profits were attributed to high profits from the company's investments and sale of real estate investments which made up for the loss made from hotel revenues in the Middle East due to unrest in the region, the statement said.

Kingdom Holding has minority stakes in some of the world's top companies. Aside from being one of the largest shareholders in Citigroup, it also owns stakes in Rupert Murdoch's News Corp and microblogging site Twitter.

The firm is planning to issue a local currency bond. No date has been set for the bond but Banque Saudi Fransi and Deutsche Bank have been mandated to arrange the transaction.

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