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Saudi’s Kingdom Holding posts 12.7% rise in Q1 profit

Saudi’s Kingdom Holding posts 12.7% rise in Q1 profit

The company, owned by Prince Alwaleed posted net profit of SAR129.1m in the three months ending March 31

Saudi Arabia’s Kingdom Holding, the investment firm owned by billionaire Prince Alwaleed bin Talal, posted a 12.7 per cent rise in first-quarter net profit on Sunday from higher income and gains on investments.

It posted net profit of SAR129.1m in the three months ending Mar. 31, versus SAR114.5m a year earlier, according to a bourse filing.

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

Like other Saudi companies, Kingdom Holding began reporting its results under international IFRS accounting standards this year, so some of its figures for last year were restated.

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