Property and investments boost Kingdom Holding profits
DUBAI (Reuters) - Kingdom Holding 4280.SE, the investment firm of Saudi billionaire Prince Alwaleed bin Talal, reported a 10.2 percent rise in third-quarter profits on Monday, as property sales and financial investments offset a lower performance by its hotel business.
The firm made a net profit of 217.8 million Saudi riyals ($58 million) in the three months, up from 197.7 million riyals in the same period last year.
It attributed the rise in profit to income from real estate investments, dividends from investments in financial markets and an improvement in the performance of associate companies, while its international hotels business suffered from continuing regional unrest.
The company said earlier this month that it had sold a land plot in Riyadh for 250 million riyals ($66.66 million) and expected to book a gain in the third quarter.
Alwaleed's investment vehicle has minority stakes in some of the world's top companies. Aside from being one of the largest shareholders in Citigroup Inc (C.N), it also owns stakes in Rupert Murdoch's News Corp (NWSA.O) and microblogging site Twitter.
The firm shelved plans for a bond issue and is now looking to raise up to $500 million from a syndicated loan, with the proceeds going largely to refinance existing debt, three banking sources said.
(Reporting by Praveen Menon; Editing by Greg Mahlich)
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