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FINANCIAL NEWS
Kingdom Holdings Q2 net profit up 20.8%
20 Jul 2011
(MENAFN) Kingdom Holdings’ (KHC) CFO, Shadi Sanbar, said that due to growing income from the company’s investments and dividends, in the second quarter, KHC’s net profit went up 20.8 percent to USD43.6 million, reported Emirates 24/7.
Sanbar added that due to the political upheaval in the Middle East, the company’s associated firms and hotel operators’ performance was slow.
He also said that in the period, operating profit reached USD48.9 million with a little increase of 4.7 percent from last year’s same quarter.
It is worth noting that KHC is an investment company owned by Saudi Prince Alwaleed bin Talal. It has a major share in Citygroup as well as minority stakes in other international companies.
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