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Saudi's Kingdom Holding reports swing to quarterly profit from big loss

From Reuters - November 5, 2017

DUBAI, Nov 5 (Reuters) - Saudi Arabian investment firm Kingdom Holding reported it swung to a third-quarter profit on Sunday, hours after its billionaire chairman Prince Alwaleed bin Talal was detained as part of a corruption crackdown.

Kingdom Holding, whose investments include stakes in major international firms such as Citigroup and Twitter , said it made 247.5 million riyals ($66 million) in the three months to Sept. 30, compared with a restated loss of 355 million riyals in the same period a year ago.

It reported a 179.9 million riyal profit for the third quarter last year but the company said on Sunday it had restated that figure to be consistent with current figures. It did not elaborate. Saudi companies moved to internationally accepted IFRS accounting standards this year from a local system.

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