The Saudi company led by Prince Al Waleed bin Talal yesterday posted a 19.9 per cent drop in profit for the fourth quarter.
Kingdom Holding's net income fell to 187.8 million riyals (Dh183.9m) compared with 234.6m riyals for the same quarter in 2010. Income from operations for the fourth quarter fell to 168.4m riyals, a 36.4 per cent decline from the fourth quarter of 2010.
The company attributed the results to a "decrease in performance from associates" and struggles in the Middle East hotel market, which has been hit by political turmoil in parts of the region, according to a statement filed on the Saudi bourse.
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