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Kingdom Holding Expects $38 Million in Profit From Land Sale

Oct. 8 (Bloomberg) -- Kingdom Holding Co., a diversified investment company controlled by Saudi billionaire Prince Alwaleed bin Talal, said it expects 143.7 million riyals ($38.3 million) in profit from a land sale outside of Riyadh.

Kingdom Holding sold the land to Subul Development Co. for 250 million riyals, the company said in a statement on the Saudi bourse website today. Kingdom will include the profit in its third-quarter income statement.

To contact the reporter on this story: Glen Carey in Riyadh at gcarey8@bloomberg.net

To contact the editor responsible for this story: Andrew J. Barden at barden@bloomberg.net

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