Mubasher: Japan’s SoftBank Group on Monday posted a sharp growth in its net profits for the second quarter of 2018 on the back of higher valuations from high-tech bets via its Saudi-backed Vision Fund.

The Tokyo-based multinational holding conglomerate achieved JPY 705.7 billion ($6.23 billion) in net profit between July and September compared to JPY 395.6 billion ($3.49 billion) in the corresponding period of 2017, it said in a statement.

It is worth noting that its Q2-17 figure had relied on previous accounting standards.

The profit growth was mainly attributed to the Group’s Vision Fund, which was launched in 2017 at $93 billion in capital with Saudi Arabia being the largest contributor to the fund.

The Vision Fund, the world’s largest equity fund, has recorded higher valuations on high-tech bets such ride-hailer Uber Technologies Inc and General Motors’ Cruise self-driving vehicle unit. The fund has also invested in late-stage startups including shared office space provider WeWork Cos and hotel chain OYO.

Last month, SoftBank announced plans to invest $15 billion to $20 billion in WeWork through its Vision Fund.

The recent death of Saudi journalist Jamal Khashoggi has prompted some investors to be weary of the fund, however SoftBank Group CEO Masayoshi Son condemned the killing but stressed that his firm must continue its work, highlighting SoftBank’s responsibility towards the kingdom’s citizens whose money is invested in its Vision Fund.

“These funds are important to the Saudi people in ensuring their economy diversifies and is no longer dependent on oil,” Reuters reported, citing Son as saying at a press conference on Monday.

“It is true that a horrible incident happened. On the other hand, we have a responsibility toward the Saudi people, and we must carry out our responsibility rather than turn our backs on them,” SoftBank’s top official emphasised.