Kingdom Holding Q4 Net Profit Rises 11.6%

The Saudi conglomerate owned by billionaire Prince Alwaleed made a net profit of $55.9 million in the fourth quarter of 2012.

Saudi Arabia’s Kingdom Holding, the investment firm of billionaire Prince Alwaleed bin Talal, posted an 11.6 per cent increase in its fourth-quarter net profit, it said in a bourse statement on Monday.

The firm made a net profit of SAR209.6 million ($55.9 million) during the three months ending in December, compared with SAR187.8 million in the same period a year earlier.

“The increase in net income for the current period compared to the same period last year is due to an increase in income from real estate investments, gain on sale of certain hotels, increase in dividend income and decrease in general and administrative expenses,” the statement said.

Operational profit for the fourth-quarter rose by two per cent to SAR290.6 million compared with SAR285 million in the same period a year earlier.

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 also owns stakes in Rupert Murdoch’s News Corp and microblogging site Twitter.

The firm said in December it will book a $32.9 million profit on the sale of New York’s Plaza Hotel to an Indian conglomerate.