Kingdom Holding Quarterly Profit Climbs 20% on Investment Gains - Bloomberg

Kingdom Holding Quarterly Profit Climbs 20% on Investment Gains - Bloomberg:



"Kingdom Holding Co. (KINGDOM) controlled by Saudi billionaire Prince Alwaleed bin Talal, said third-quarter profit jumped 20 percent as the value of its investments rose.



Net income increased to 265 million riyals ($71 million) from 220 million riyals a year earlier, the company said in a statement to the Saudi stock market today. The Riyadh-based company attributed the profit to investment gains and drop in finance charges, without giving further details.



Alwaleed, who owns 95 percent of Kingdom Holding, has built a fortune of about $32 billion amassing stakes in Citigroup Inc., News Corp., Twitter Inc. and Apple Inc., according to the Bloomberg Billionaires Index. He is the world’s 14th richest man, according to the index."



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