Kingdom Holding Co. Reports 22% fall in 2Q Net Profit
July 28 2016 - 10:55AM
Dow Jones News
Ahmed Al Omran
RIYADH--Kingdom Holding Co. (4280.SA), the investment firm
controlled by Saudi billionaire Prince al-Waleed bin Talal, on
Thursday reported a 22% fall in second-quarter net profit as income
from investments fell.
Net profit in the three-month period ending June 30 amounted to
185.8 million Saudi riyals ($49.5 million), down from 238.3 million
riyals in the same period last year, the company said in a
statement posted on the Saudi stock market website.
The company attributed the fall in profits to a decline in
income from associates and dividends as well as an increase in
finance charges and general and administrative costs.
Prince al-Waleed owns the majority of KHC, which invests in a
diverse set of industries, including real estate, health care and
hotels.
The firm also owns shares in international companies including
Apple Inc. (APPL), social media company Twitter Inc. (TWTR), and
News Corp. (NWS), the parent company of The Wall Street
Journal.
Write to Ahmed Al Omran at ahmed.alomran@wsj.com
(END) Dow Jones Newswires
July 28, 2016 10:40 ET (14:40 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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