Saudi investment house made a net profit of $70.84m in the three months to December 31
Saudi Arabia's Kingdom Holding , the investment firm owned by billionaire Prince Alwaleed bin Talal, posted a 15 percent rise in fourth-quarter net profit on Wednesday as gains on investments increased and financial costs fell.
Kingdom made a net profit of SAR266 million ($70.84 million) in the three months to December 31, up from SAR231.2 million in the same period a year earlier, it said in a bourse statement.
It attributed the higher profit to investment gains and lower financial costs.
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.
Kingdom's net profit in 2014 was SAR869.1 million, up from SAR742.5 million in 2013.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.