By Massoud A. Derhally
Prince Alwaleed-controlled investment firm saw net profit rise to US$55.8m in quarter
Kingdom Holding Company, an investment firm controlled by Saudi Arabia's Prince
Alwaleed bin Talal, said fourth quarter profit increased 11.6 percent as
it recorded a rise in income from its real estate investments and a decline in
Fourth quarter net income increased to SAR209.6m (US$55.8m)
compared to SAR187.8m in the same period in 2011, the Riyadh-based company
said in a regulatory statement to the Saudi bourse.
The company said full-year 2012 profit increased 10.6
percent to SAR707.1m from SAR639.6m for the same period in 2011, due to an
increase in income from real estate investments, including the sale of certain
hotels, and a rise in dividends income and decrease in general and
Earnings per share for the 12-month period amounted to
SAR0.19 compared to SR0.17 for the same period in 2011.
Earlier this month, the company sold a 1m sqm plot of
land just outside Riyadh for US$80m, recording a US$49m profit.
Kingdom Holding owns stakes in a wide range of global
companies including News Corporation, Citigroup, the third largest US bank,
blogging site Twitter, Four Seasons Hotels, Disneyland Paris, Apple and fully
owns the George V Hotel in Paris and the Savoy Hotel in London.
The company is also backing development of the Kingdom City
project in Jeddah, which will include Kingdom Tower, the tallest building in
the world when complete.
Kingdom Holding ended 2012 with a share price of SAR20.90,
the stock’s highest level since December 2007.