Saudi's Kingdom Holding Q2 net profit falls 22%

Kingdom attributed fall in profit to lower income from associates, JVs and other income sources, in addition to a decrease in dividends income, and a rise in finance charges
Saudi's Kingdom Holding Q2 net profit falls 22%
Saudi Arabian billionaire Prince Alwaleed bin Talal. (AFP/Getty Images)
By Reuters
Thu 28 Jul 2016 05:18 PM

Saudi Arabia's Kingdom Holding , the investment firm owned by billionaire Prince Alwaleed bin Talal, posted a 22 percent fall in second-quarter net profit on Thursday as income from associates and dividends declined.

The investment firm has minority stakes in some of the world's top companies. These include Citigroup and microblogging site Twitter.

Kingdom made a net profit of 185.8 million riyals ($49.5 million) in the three months to June 30, down from 238.3 million riyals in the same period a year earlier, it said in a bourse statement.

It attributed the fall in net profit to lower income from associates, joint ventures and other income sources, in addition to a decrease in dividends income, a rise in finance charges as well as general and administrative costs.

Saudi companies issue brief earnings statements early in each reporting period before publishing more detailed results later.

Kingdom has started a sales process for its Four Seasons hotel in the Canadian city of Toronto, with the property expected to sell for as much as C$250 million, Reuters reported on June 6 citing sources familiar with the matter.

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