Saudi Prince Alwaleed’s Kingdom Holding reports 10% increase in Q3 net profit

Saudi Arabia’s Kingdom Holding , the investment firm owned by billionaire Prince Alwaleed bin Talal, posted a 10 per cent rise in third-quarter net profit on Wednesday amid an increase in returns on its investments.

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 SAR 291.55m in the three months to Sept. 30, up from SAR 265m in the same period a year earlier, it said in a bourse statement.

It attributed the rise in net profit to an increase in profits and gains from investments.

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

In July, Alwaleed pledged to gradually give his entire $32bn fortune to charity. Included would be shares in Kingdom Holding, though Kingdom shares would not be sold and his actions would have no impact on either the company, or his general investment strategy, he said.