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Saudi's Kingdom Holding Q1 2016 profits fall 25.4%

The investment firm has minority stakes in some of the world's top companies, including Citigroup and microblogging site Twitter

Kingdom Holding is owned by billionaire Prince Alwaleed bin Talal.
Kingdom Holding is owned by billionaire Prince Alwaleed bin Talal.

Saudi Arabia's Kingdom Holding, the investment firm owned by billionaire Prince Alwaleed bin Talal, posted a 25.4% fall in the first quarter net profit for 2016.

Kingdom made a net profit of $27.73m (SAR103.97m) in the three months ending 31 March, down from $37.1m (SAR139.38m) in the same period a year earlier, it said in a bourse statement.

It attributed the fall in net profit to a decrease in income from dividends, associates and joint ventures, as well as other income.

The company also cited an increase in finance charges as another cause for its negative performance, which offset an increase in gains on investments and lower costs.

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

It is also building the 1km Jeddah Tower, which will be the world's tallest manmade structure once complete.

 

 

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