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Tue 19 Apr 2011 07:16 PM

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Kingdom Holding posts 20.5% rise in Q1 net profit

Company owned by Saudi billionaire Prince Alwaleed says net profit hit $24.1m in first quarter

Kingdom Holding posts 20.5% rise in Q1 net profit
Kingdom Holding is owned by Saudi billionaire Prince Alwaleed bin Talal
Kingdom Holding posts 20.5% rise in Q1 net profit
The HQ building of Kingdom Holding in Riyadh.

Kingdom Holding, owned by Saudi billionaire Prince Alwaleed bin Talal, reported a 20.5 percent rise in first-quarter net profit, the firm said in a bourse statement on Tuesday.

Kingdom made a net profit of SR90.6 million ($24.16 million) in the three months to March 31, up from SR75.2 millions in the same period a year earlier.

Kingdom Holding, an investment company that has minority stakes in some of the world's top companies, is a main shareholder in Citigroup.

The firm attributed the profit to gains from the sale of a number of investments including its share in a Chinese hotel, and the sale of one of its land plots in Riyadh as well as a lowering of the firms general and administration expenses, the firm said.

Operational income for the first quarter increased by 59 percent from the same period a year earlier to SR103.9 million.

Kingdom Holding is currently seeking a settlement over a contested 420 million square meter plot in Egypt's Toshka project, which the Egyptian government says the firm bought in a deal that violated Egyptian law.

Shares in Kingdom Holding closed 1.8 percent lower on Tuesday at 8.35 riyals, before the earning statement came out, underperforming the Saudi index which was down 0.13 percent.

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