Saudi Prince Alwaleed's Kingdom Holding Posts 83 Pct Drop in Q2 Profits on Stocks, Hotels

posted on: Jul 21, 2009

The investment company headed by a Saudi billionaire with a major Citibank stake says its profit tumbled 83 percent in the second quarter because of stock market losses and a slump at its hotel businesses.

Kingdom Holding Co., chaired by Prince Alwaleed bin Talal, said in a statement posted Tuesday on the Saudi stock market Web site that its earnings between April and June dropped to 92.1 million riyals ($24.6 million), from 534.7 million riyals during the same period a year earlier.

The Riyadh, Saudi Arabia-based company, which holds stakes in numerous international firms such as Citigroup, News Corporation, Four Seasons Hotels, Kodak and eBay, attributed the decline to losses on its international investments and a downturn in the hotel industry.

Los Angeles Times