Kingdom Holding Co. Reports 22% fall in 2Q Net Profit

Ahmed Al Omran

RIYADH--Kingdom Holding Co. (4280.SA), the investment firm controlled by Saudi billionaire Prince al-Waleed bin Talal, on Thursday reported a 22% fall in second-quarter net profit as income from investments fell.

Net profit in the three-month period ending June 30 amounted to 185.8 million Saudi riyals ($49.5 million), down from 238.3 million riyals in the same period last year, the company said in a statement posted on the Saudi stock market website.

The company attributed the fall in profits to a decline in income from associates and dividends as well as an increase in finance charges and general and administrative costs.

Prince al-Waleed owns the majority of KHC, which invests in a diverse set of industries, including real estate, health care and hotels.

The firm also owns shares in international companies including Apple Inc. (APPL), social media company Twitter Inc. (TWTR), and News Corp. (NWS), the parent company of The Wall Street Journal.

Write to Ahmed Al Omran at [e-mail]

(END) Dow Jones Newswires

July 28, 2016 10:40 ET (14:40 GMT)

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