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Saudi KHC reports USD56m profit in Q4

MENAFN - - 21/01/2013


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(MENAFN) Kingdom Holding Co (KHC), the investment vehicle of Saudi billionaire Prince Alwaleed bin Talal, reported an 11.6 percent growth in quarterly profit, Reuters reported.

The company said it earned USD55.9 million net profit during the fourth quarter ended in December, up from USD50 million a year earlier.

KHC attributed the higher quarterly results to an increase in income from real estate investments, gain on sale of certain hotels and increase in dividend income, while general and administrative expenses declined.

Operational profit for the fourth quarter rose by 2 percent to USD77.4 million from USD75.9 million a year ago.

The firm said in December it will book a USD32.9 million profit on the sale of New York's Plaza Hotel to an Indian conglomerate.

The investment firm has minority stakes in some of the world's top companies, including Rupert Murdoch's News Corp and microblogging site Twitter.

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