Saudi Arabia's Kingdom Holding, the investment firm owned by billionaire Prince Alwaleed bin Talal, posted a 10.3 percent rise in first-quarter net profit on Tuesday, on the back of higher income from dividends and associates.
Kingdom made a net profit of 139.4 million riyals ($37.2 million) in the three months to March 31, compared to 126.4 million riyals in the same period a year earlier, it said in a bourse statement.
It attributed the increase to rising income from dividends and associates, as well as to a fall in finance charges.
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 a stake in microblogging site Twitter.
In February, Kingdom sold a 5.6 percent stake in media giant News Corp as part of a portfolio review, generating 705 million riyals in cash. It retains 1 percent of the media company.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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