RIYADH: Kingdom Holding Company (KHC), chaired by Prince Alwaleed bin Talal, announced the company’s financial results of operations for the fourth quarter and the preliminary results for the 12 months ended Dec. 31, 2015.

The company reported gross operating profit for the year ended Dec. 31, 2015, amounted to SR1.699 billion compared to SR1.563 billion for the year ended Dec. 31, 2014, representing an increase of 8.7 percent. The consolidated net income for 12 months ended Dec. 31, 2015, reached SR707 million compared to the net income of SR869 million for the same period in 2014, representing a decrease of 19 percent.

KHC performs regular reviews of its portfolio with respect to expected returns going forward, risk exposures and overall fit with the company strategic direction. As a result of its periodic assessments, KHC decreased exposure to some of its local and international investments as well as set aside adequate provisions.

Prince Alwaleed commented: “Despite the turbulence in the global financial markets and slowdown in global economic activity, KHC ended the year with a strong financial position.