Kingdom Holding Q2 net profit falls 22 per cent

Dubai: Saudi Arabia’s Kingdom Holding, the investment firm owned by billionaire Prince Alwaleed bin Talal, posted a 22 per cent fall in second-quarter net profit on Thursday as income from associates and dividends declined. These include Citigroup and microblogging site Twitter. Kingdom made a net profit of 185.8 million riyals ($49.5 million) in the three months to June 30, down from 238.3 million riyals in the same period a year earlier, it said in a bourse statement. It attributed the fall in net profit to lower income from associates, joint ventures and other income sources, in addition to a decrease in dividends income, a rise in finance charges as well as general and administrative costs.

The investment firm has minority stakes in some of the world’s top companies.