The investment firm headed by Saudi billionaire Prince Alwaleed bin Talal says its first quarter net profits climbed 20.5 percent, boosted by the sale of one of its hotels in China and a plot of land in Saudi Arabia.
Kingdom Holding Co. said in a statement posted on the Saudi stock exchange's Web site that net income for the three month period ending in March stood at 90.6 million riyals versus 75.2 million riyals in the corresponding quarter of 2010.
KHC, a major shareholder in Citigroup, has stakes in a variety of other major western giants, including News Corp. and Apple Inc.
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