Kingdom Holding second quarter net profit up 1.3%

Dubai: Kingdom Holding Co. , an investment company owned by Saudi billionaire Prince Al Waleed Bin Talal, said second-quarter net profit rose 1.3 per cent year-on-year on higher dividend income and income from associates.

The publicly listed Kingdom made 181.2 million Saudi riyals ($48.3 million) during the quarter, up from 178.9 million riyals the same period last year, according to figures posted on the Saudi bourse website.

Kingdom said the slight increase was a result of better dividend income and income from associates, and came despite higher expenses and taxes.

Kingdom has a wide range of investments that include stakes in Twitter and in US financial services giant Citigroup, according to its website.