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Kingdom Holding reports 50% jump in quarterly profits

21 Apr 2010

(MENAFN) Saudi billionaire Prince Alwaleed bin Talal’s Kingdom Holding Co (KHC) reported a 50 percent rise in first-quarter net profit, thanks to improved returns from investments and revenue from hotels, Arab News reported

KHC, 95 percent owned by the nephew of King Abdullah, made a net profit of $20 million in the three months to end-March against $13.4 million a year-earlier, it said in a statement.

Prince Alwaleed stated that subsidiaries and investments performed well with resilient revenue growth delivered across the company’s hotels and real estate investments as well as a recovery in its investment portfolio.

It is worth mentioning that Kingdom Holding is an investment company that has minority stakes in some of the world’s top companies.

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