Saudi Arabia’s Kingdom Holding Q3 Net Down 53.7 Pct

RIYADH, (Reuters) – Saudi-based Kingdom Holding, 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, 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 and Savola Group,” 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.