Billionaire Alwaleed’s Kingdom Holding Posts 10% Rise in ProfitMatthew Martin
Kingdom Holding Co., owned by Saudi billionaire Prince Alwaleed bin Talal, said fourth-quarter profit gained 10 percent as the value of its investments rose.
Net income increased to 231.2 million riyals ($61.7 million) from 209.6 million riyals in the same period a year earlier, the company said today in a statement, without giving further details on which investments contributed to the gain. Full-year profit rose five percent to 743.5 million riyals.
Kingdom holds stakes in companies such as Apple Inc. and Citigroup Inc. Alwaleed and Kingdom’s investment in Twitter rose in value from to $1.2 billion from $300 million after the micro-blogging site’s November IPO, Kingdom said in December.
Alwaleed has a fortune of $31.5 billion, according to the Bloomberg Billionaires Index, and holds 95 percent of Kingdom Holding.