Kingdom Holding Co. (KHC) chaired by Prince Alwaleed Bin Talal, said third-quarter profit jumped 24 percent as income from investments and dividends increased. Net income rose to SR197.7 million ($53 million) from SR160 million a year earlier, the company said in a statement to the Saudi bourse Wednesday. Operating income rose 13 percent to SR210.8 million. KHC pointed to its recent announcement to build the world's tallest building in Jeddah as positive news for the company. Alwaleed said: “I am confident that our strong results will continue with our very well defined vision, particularly after having commenced with the execution of the real estate projects in Jeddah and Riyadh as previously planned.” KHC in August hired Saudi Binladin Group to construct the world's tallest tower in Jeddah at the cost of SR4.6 billion. The company and its partner Bahrain Telecom Co. last month abandoned plans to buy a 25 percent stake in Zain Saudi Arabia for $950 million. The company's profit grew as a result of income from dividends and investments. “Kingdom Holding will continue to achieve strong results and to distribute dividends,” Alwaleed said. The shares closed unchanged at SR7.25 in before the earnings were announced, valuing the company at SR26.8 billion. The stock has declined 11.6 percent this year compared with a 7.8 percent drop in the benchmark Saudi Tadawul All Share Index.
