(Updates with shares in fifth paragraph.)
Oct. 19 (Bloomberg) -- Kingdom Holding Co., controlled by Saudi billionaire Prince Alwaleed bin Talal, said third-quarter profit jumped 24 percent as income from investments and dividends increased.
Net income rose to 197.7 million riyals ($53 million) from 160 million riyals a year earlier, the company said in a statement to the Saudi bourse today. Operating income rose 13 percent to 210.8 million riyals.
Kingdom Holding in August hired Saudi Binladin Group to construct the world’s tallest tower in Jeddah at the cost of 4.6 billion riyals. The company and its partner Bahrain Telecom Co. last month abandoned plans to buy a 25 percent stake in Zain Saudi Arabia, the kingdom’s third-largest mobile-phone company by market value, for $950 million .
The company’s profit grew as a result of income from dividends and investments even as some of its units and hotel management companies struggled in the region, said the company. "Kingdom Holding will continue to achieve strong results and to distribute dividends," Prince Alwaleed said in a separate statement.
The shares closed unchanged at 7.25 riyals in Riyadh before the earnings were announced, valuing the company at 26.8 billion riyals. The stock has declined 11.6 percent this year compared with a 7.8 percent drop in the benchmark Saudi Tadawul All Share Index.
--Editors: Shaji Mathew, Peter Branton
To contact the reporter on this story: Mourad Haroutunian in Riyadh at firstname.lastname@example.org
To contact the editor responsible for this story: Shaji Mathew at email@example.com