Saudi Arabia’s Prince Alwaleed bin Talal's Kingdom Holding reported a 12 per cent increase in second quarter net profit on the back of a rise in hotels and other operating revenues.
The Riyadh-listed company's net profit for the period ending June 30 climbed to 243 million riyals (Dh238m) compared with the same period a year earlier, it said on Thursday in a regulatory filing with the Tadawul market, where the firm’s shares are traded.
In addition to an increase in hotels and operating revenues, the company recognised a rise in income and gain on investments, an increase in dividend income and a rise in share of results from equity accounted investees, the company said.
Revenue surged 54 percent to 832m riyals in the second quarter from the same period a year earlier. The company's share price was up 1 per cent at 11:46am Riyadh time.
Alwaleed recently acquired a 2.3 per cent stake in app maker Snap for $250m, which he said “is one of the most innovative social media platforms in the world" and is only just beginning to "scratch the surface of its true potential." Earlier this month the prince, who was freed in January following an anti-corruption crackdown in the kingdom, said he invested one billion riyals in Paris-based music streaming company Deezer through Kingdom Holding and Rotana Group.
Prior to the investments in Snap and Deezer, the last investment made by Alwaleed prior to his detention in November was the acquisition of a 16.2 per cent stake in Banque Saudi Fransi from France's Credit Agricole in September 2017.