(MENAFN) Saudi Arabia's Kingdom Holding, the investment firm owned by billionaire Prince Alwaleed bin Talal, posted a 12.6 percent rise in second-quarter net profit as its income increased and costs fell.
Kingdom made a net profit of USD63.6 million in the three months to June 30, marking an increase from USD56.42 million in the same period a year earlier, it said in a bourse statement.
It attributed the rise to higher income from its associates and joint ventures and lower general expenses. It has minority stakes in some of the world's most high profile companies including Citigroup and Twitter.
The hotel unit of Kingdom sold its 50 percent stake in Four Seasons Resort Mauritius to its joint-venture partner Sun Resorts, Kingdom said in June without disclosing the value of the deal.
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