Kingdom Holding reports $188m net income for 2012by CW Staff on Jan 27, 2013
Kingdom Holding Company (KHC), chaired by H.R.H. Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, has announced the its financial results for the fourth quarter and the 12 months ended 31 December.
The company reported that consolidated net income for the 12 months totalled $188m, an increase of 10.5% over last year, while the fourth-quarter results of $56m exceeded last year's by 11.6%.
Shadi S. Sanbar, the company's CFO and member of the investment committee, highlighted various achievements for the year 2012.
"KHC realised significant gains from sales of certain real-estate land sales in Riyadh, and recognised profit from the sale of hotels, together with improving results from its three hotel management companies.
"In addition, the general improvements in the equities market, both domestically and internationally, coupled with improving results from its associated companies and income on investments, contributed favourably to the overall success in 2012," said Sanbar.
"The 136% increase in share price in 2012 was the highest in Saudi Arabia, and reflects the overall market confidence in the company's sustained ability to deliver and realise substantial value to its shareholders."
Founded in 1980, KHC is a publicly-traded company listed on the Tadawul (the Saudi Stock Exchange) in 2007.
KHC's portfolio has its main interest in landmark hotel properties and hotel management companies, real-estate development in Jeddah and Riyadh, financial services, technology and media, manufacturing, aviation and agriculture.
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