Kingdom Holding 2Q profits up 20 pct
The investment firm headed by Saudi billionaire Prince Alwaleed bin Talal says its second quarter net income is up 20 percent over the same period last year, boosted by investments in capital markets.
Kingdom Holding Co. said Tuesday its net income for the three-month period ending June 30 was 163.5 million riyals ($43.6 million) compared to 135.4 million riyals in the same quarter in 2010. Net profits for the first half of the year were 254.1 million, or a 20.7 percent increase over the first half of 2010.
KHC is a major shareholder in Citigroup and holds stakes in other major western giants, including News Corp. and Apple Inc.
The company said the gains came despite weakness in the hotel sector due to the unrest in the Arab world.