Citigroup posted a $3 billion net profit for the first quarter compared to $1.3 billion in the fourth quarter 2010 with an increase of 130 percent.
Earnings per share increased 150 percent to $0.10, up from $0.04.
The company's latest performance and its favorable impact on the market were better than expected because there were improvements driven by the focus on solid activities, according to a KHC statement.
Prince Alwaleed is a prominent investor in Citigroup through KHC since he first invested in the company in 1991 and is the largest single shareholder in the company.
In January 2008, Prince Alwaleed participated in a $12.5 billion private offering of convertible preferred securities of Citigroup.
The new direct investment was made alongside an exclusive group of leading international investors. The prince converted the preferred shares in 2009 into common shares (voting shares).
Prince Alwaleed commented: "Citigroup continues to show strong and sound performance."
Early this year, Prince Alwaleed was received by Pandit at Citigroup headquarters in New York.
The two discussed the latest developments in Citigroup and future plans of the company. During the discussions, the prince re-affirmed his support of Pandit and Citigroup's management.
The prince also met with Richard Parsons, chairman of Citigroup.
In February 2010, Prince Alwaleed received at his office in Riyadh, Pandit during his visit to Saudi Arabia.
The prince also hosted a luncheon for Pandit at Kingdom Resort.
During Pandit's visit to Saudi Arabia, he met with Finance Minister Ibrahim Al-Assaf, Saudi Arabian Monetary Agency Gov. Muhammad Al-Jasser and Capital Market Authority Chairman Abdulrahman A-Tuwaijri.
