RIYADH, 27 September 2006 — Dubai’s Kingdom Hotel Investments (KHI), a major international hotel and resort investment company chaired by Prince Alwaleed bin Talal, said yesterday its first-half net profit almost quadrupled to $27.9 million. The company said earnings per share rose 157 percent to $0.18, according to its interim results for the six months of 2006.
KHI, as the company is also known, owns shares in hotels in 17 countries in the Middle East, Africa and Europe managed by Four Seasons Hotels & Resorts, Moevenpick and Fairmont Hotels & Resorts, according to the KHI website.
Prince Alwaleed said: “We’ve had a strong six months with continued development throughout a number of key territories where we continue to see considerable potential.”
Chief Executive Officer Sarmad Zok said: “Our year to date has been an exciting combination of fast-paced expansion while consolidating our holdings in key properties. We’re pleased with our ongoing strong earnings growth and look forward to further delivery of our ambitions.”
KHI’s financial highlights: Revenue up 71 percent to $42.7 million (2005: $24.9 million), gross profit up 36 percent to $11.7 million (2005: $8.6 million), EBITDA up by 8 percent to $11.7 million (2005: $10.8 million), net income up by 282 percent to $27.9 million (2005: $7.3 million), EPS up 157 percent to $0.18 (2005: $0.07).
KHI raised $237 million of financing and refinancing proceeds of which $46 million was during H1 2006 and $191 million was subsequent to June 30, 2006.
KHI completed a $398.5 million IPO on March 1, 2006, with primary listing on DIFX and GDS’s on LSE.