Saudi's Kingdom Holding Co (KHC), run by the billionaire Prince Alwaleed bin Talal, said Sunday the value of its available-for-sale investments increased 8.7 percent to 4.89 billion Saudi riyals ($1.3 billion) at the end of July from a month earlier as markets globally strengthened.
Unrealized losses decreased to 16.6 billion riyals at the end of July from 17 billion riyals at the end of June, Kingdom said in a statement on the Saudi bourse website.
The conglomerate's net profit plunged 82.8 percent to 92.1 million riyals in the second quarter compared with a year earlier.
Kingdom said the decline was due to lower dividend payments on its investments and a drop in operating profits from the hotels it owns and manages.
Kingdom Holding shares closed Sunday down 1 percent at 4.60 riyals.END
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