Kingdom Holding Company (KHC), chaired by Prince Alwaleed bin Talal, has announced the company’s financial results of operations for the fourth quarter and for the 12 months ended Dec. 31, 2013.

The company reported the gross operating profit for the quarter ended Dec. 31, 2013 amounted to SR424.1 million compared to the same quarter in 2012 of SR371.4 million, representing an increase of 14.2 percent.

The fourth quarter results of SR231.2 million as compared to the net income of SR209.6 million in the previous quarter, represent an increase of 10.3 percent.

A KHC statement said the consolidated net income for 12 months ended December 31, 2013 SR742.5 million compared to the net income of SR707.1 million for the same period in 2012, representing an increase of 5.0 percent.

With respect to KHC’s listed portfolio companies in 2013, they increased in value by over $1 billion (SR4 billion).

The overall recovery in the global economy was reflected in the continued improvement in the performance of KHC’s unlisted portfolio companies which include Four Seasons Hotels and Resorts, Fairmont Raffles Holding Intl and Movenpick Hotels and Resorts AG, NAS, real estate projects that include the Jeddah project that encompasses the highest tower in the world, and Kingdom Riyadh project.