The company announced net income of SR100.8 million, an increase of more than 11.2 percent over last year's first quarter results, and gross profit for the first quarter was SR274.9 million compared to the same quarter in 2011 of SR177.3 million, representing an increase of 55 percent.

Prince Alwaleed commented: "Kingdom Holding's profits reflect our sound investment strategy despite the challenges of the investment climate."

Shadi Sanbar, CFO, said: "Kingdom Holding is ready to deliver on its well-planned investments in the near term and beyond".