Shares of Kingdom Holding Company (KHC), the investment vehicle of billionaire businessman Prince Alwaleed bin Talal, dropped to the lowest level on Sunday since 2012, following Saudi media reports of his detention.
The company, which is 95 per cent controlled by Prince Alwaleed, plummeted 9.9 per cent during early trading on Tadawul, as investors reacted to reports of the detention of high profile individuals in the wake of an investigation launched by a newly established anti-corruption committee, chaired by Crown Prince Mohammed bin Salman. The shares regained some ground to close 7.6 per cent down.
On Sunday, the company reported third-quarter net profit of 247.5 million riyals (Dh242.2m) due to an increase in hotel revenues and operating income, compared with a loss of 355m riyals made in the same period a year ago, according to a regulatory filing to the Saudi stock exchange.
The firm had previously reported a 179.9m riyal net profit for the 2016 third quarter, but said in the latest regulatory filing “comparative figures of the same period last year were reclassified to be consistent with current figures”.
It gave no further direct explanation, but noted that KHC – like other companies in Saudi Arabia – switched to IFRS global accounting standards this year.
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Net profit in the third quarter was boosted by an increase in hotel and operating revenues, larger dividend income, and income and gains on investments, as well as increase in other gains, the company said. Revenue increased 76 percent to 550m riyals.
The prince, whose net worth is estimated at US$19 billion in Bloomberg Billionaires Index, holds stakes in various companies across a number of industries which include Twitter, Citigroup, Lyft, Careem, the Four Seasons hotel chain and Accor Hotels.
COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Disclaimer
Director: Alfonso Cuaron
Stars: Cate Blanchett, Kevin Kline, Lesley Manville
Rating: 4/5
Five famous companies founded by teens
There are numerous success stories of teen businesses that were created in college dorm rooms and other modest circumstances. Below are some of the most recognisable names in the industry:
- Facebook: Mark Zuckerberg and his friends started Facebook when he was a 19-year-old Harvard undergraduate.
- Dell: When Michael Dell was an undergraduate student at Texas University in 1984, he started upgrading computers for profit. He starting working full-time on his business when he was 19. Eventually, his company became the Dell Computer Corporation and then Dell Inc.
- Subway: Fred DeLuca opened the first Subway restaurant when he was 17. In 1965, Mr DeLuca needed extra money for college, so he decided to open his own business. Peter Buck, a family friend, lent him $1,000 and together, they opened Pete’s Super Submarines. A few years later, the company was rebranded and called Subway.
- Mashable: In 2005, Pete Cashmore created Mashable in Scotland when he was a teenager. The site was then a technology blog. Over the next few decades, Mr Cashmore has turned Mashable into a global media company.
- Oculus VR: Palmer Luckey founded Oculus VR in June 2012, when he was 19. In August that year, Oculus launched its Kickstarter campaign and raised more than $1 million in three days. Facebook bought Oculus for $2 billion two years later.
Cricket World Cup League 2
UAE squad
Rahul Chopra (captain), Aayan Afzal Khan, Ali Naseer, Aryansh Sharma, Basil Hameed, Dhruv Parashar, Junaid Siddique, Muhammad Farooq, Muhammad Jawadullah, Muhammad Waseem, Omid Rahman, Rahul Bhatia, Tanish Suri, Vishnu Sukumaran, Vriitya Aravind
Fixtures
Friday, November 1 – Oman v UAE
Sunday, November 3 – UAE v Netherlands
Thursday, November 7 – UAE v Oman
Saturday, November 9 – Netherlands v UAE
Top 10 most polluted cities
- Bhiwadi, India
- Ghaziabad, India
- Hotan, China
- Delhi, India
- Jaunpur, India
- Faisalabad, Pakistan
- Noida, India
- Bahawalpur, Pakistan
- Peshawar, Pakistan
- Bagpat, India
Results
5pm: Wathba Stallions Cup Maiden (PA) Dh 70,000 (Dirt) 1,000m, Winner: Hazeem Al Raed, Antonio Fresu (jockey), Ahmed Al Shemaili (trainer)
5.30pm: Handicap (PA) Dh 85,000 (D) 1,000m, Winner: Ghazwan Al Khalediah, Hugo Lebouc, Helal Al Alawi
6pm: Maiden (PA) Dh 70,000 (D) 1,400m, Winner: Dinar Al Khalediah, Patrick Cosgrave, Helal Al Alawi.
6.30pm: Handicap (TB) Dh 70,000 (D) 1,600m, Winner: Faith And Fortune, Sandro Paiva, Ali Rashid Al Raihe.
7pm: Maiden (PA) Dh 70,000 (D) 1,600m, Winner: Only Smoke, Bernardo Pinheiro, Abdallah Al Hammadi.
7.30pm: Handicap (PA) Dh 70,000 (D) 1,600m, Winner: AF Ramz, Saif Al Balushi, Khalifa Al Neyadi.
8pm: Maiden (PA) Dh 70,000 (D) 2,000m, Winner: AF Mass, Tadhg O’Shea, Ernst Oertel.
