Saudi Arabia's Kingdom Holding Q3 net down 53.7 pct

RIYADH, Oct 20 (Reuters) - Saudi-based Kingdom Holding (4280.SE), controlled by billionaire Prince Alwaleed bin Talal, posted a 53.7 percent drop in third-quarter net profit after it made losses on the sale of stakes in local listed firms.

Kingdom, which is one of the largest shareholders in Citigroup (C.N), made 104.8 million riyals ($27.9 million) in the three months to end-September, down from 226.5 million riyals a year earlier, it said in a statement.

"The decline is due to a decrease in dividend distribution from investments in international and local markets, a decrease in the operating performance of hotels ... and losses that resulted from the sale by the company of its shares in Samba Financial Group 1090.SE and Savola Group 2050.SE," it said.

It did not explain why it sold at a loss its shares in Samba, Saudi Arabia's second-biggest lender by market value, and in Savola, one of the Middle East's biggest food companies.

Citigroup posted a 27 cents per-share loss in the third-quarter.

Kingdom Holding's nine-month earnings per share fell to 0.04 riyals from 0.17 riyals a year earlier. (Reporting by Souhail Karam; Editing by Firouz Sedarat)