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Saudi's Kingdom Holding Q4 net rises 51%

By Reuters

Saudi-based Kingdom Holding, the investment firm of billionaire Prince Alwaleed bin Talal, posted a 50.8 per cent rise in its fourth-quarter net profit to SR234.6 million ($62.56 million).

Kingdom, 95-per cent owned by Prince Alwaleed, nephew of Saudi Arabia King Abdullah bin Abdul Aziz, has minority stakes in some of the world's top companies such as Citigroup. 

In November, the company said it subscribed $500 million to General Motors' initial public offering.

The company made a net profit of SR605.2 million in 2010, up 50.3 per cent from the previous year, it said in a bourse statement.

"The change in net profit stems from the rise in investment gains and the improvement in the operating performance of hotels and international hotel management companies," Kingdom said in the statement.

"And (due to) the performance of sister companies despite  lower dividend payment of the firm's investments in international capital markets," Kingdom said.