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FINANCIAL NEWS
Kingdom Holding Q4 profits fall 19.9%
21 Jan 2012
(MENAFN) Saudi Kingdom Holding Company (KHC) reported 19.9 percent drop in profits in the fourth quarter of 2011, Arabian Business reported.
The company, owned to billionaire Prince Al Waleed Bin Talal, said it achieved USD50.1 million profits compared to USD62.5 million a year earlier.
KHC partly attributed the fall in profits to a decrease in performance from associated hotels due to a recent uprisings in the Middle East since the beginning of last year.
Profits for the full year rose 5.7 percent to USD170.5 million compared to 2010, the company said.
Earlier this month, Kingdom Holding gave up its stakes in two Four Seasons hotels in a deal worth USD93 million.
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