Saudi Arabia's Kingdom Holding, the investment firm owned by billionaire Prince Alwaleed bin Talal, reported a 16.8 percent increase in second-quarter net profit on Monday, citing higher income from investments.
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.
Net earnings in the three months to June 30 were SAR211.6 million ($56.4 million), compared to SAR181.2 million in the same period a year earlier, it said in a bourse statement.
It attributed the rise to an "increase in gains on investments and dividends income in addition to a decrease in financial costs".
Kingdom's statement did not elaborate. Saudi companies issue brief earnings statements early in each reporting period before publishing more detailed results later.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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