RIYADH: The Kingdom Holding Company (KHC) announced a net income of SR50.1 million yesterday for the first quarter ended March 31. According to KHC Chairman Prince Alwaleed bin Talal, the company has sold some of its assets in achieving profits.
“ These cash proceeds from the sales were used to reduce the company’s total debt by SR3.4 billion or about 34 percent as compared to Dec. 31, 2008 debt balances. In addition, he said , during the quarter ended March 31, 2009, the company successfully renegotiated its current financing arrangements on terms and conditions more favorable than previously existed, despite the current financial crisis.