GulfBase Live Support
22/07/2012 07:54 AST
Saudi Arabia's Kingdom Holding , the investment vehicle of billionaire Prince Alwaleed bin Talal, said on Saturday its second quarter net profit rose by 9.4 per cent year-on-year to SR178.9 million ($47.70 million).
Kingdom Holding has minority stakes in some of the world's top companies. Aside from being one of the largest shareholders in Citigroup, it also owns stakes in Rupert Murdoch's News Corp and microblogging site Twitter.
The Saudi group's consolidated net income for six months hit SR279.7 million, registering a 10.1 per cent growth over the same period last year.
Commenting on the results, Prince Alwaleed said “Kingdom Holding’s strong results assert our sound investment strategy.”
CFO Shadi Sanbar said, “The second payment of dividends has been deposited in shareholder’s accounts and I am confident that the outlook for the Company’s continuing profitability is very good.
“KHC is poised to capitalize on financial and strategic opportunities as they come up,” he added.
The firm is planning to issue a local currency bond. No date has been set for the bond but Banque Saudi Fransi and Deutsche Bank have been mandated to arrange the transaction.
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