Kingdom Holding First-Quarter Profit Advances 50%

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Kingdom Holding Co., the investment company owned by Saudi billionaire Prince Alwaleed bin Talal, said first-quarter profit advanced 50 percent on revenue growth from hotels and the performance of investments.

Net income rose to 75.2 million riyals ($20.1 million), or 0.02 riyal a share, from 50.2 million riyals, or 0.01 riyal, in the year-earlier period, the Riyadh-based company said in a statement to the Saudi bourse today.

“Subsidiaries and investments performed well with resilient revenue growth delivered across our hotels and real- estate investments,” Prince Alwaleed said in a separate e- mailed statement.