Kingdom Holding net profit rises to SR 511m in 9 months

Kingdom Holding Company, chaired by Prince Alwaleed bin Talal, has announced the consolidated financial results for the third quarter and the nine months ended September 30, 2013. 
Prince Alwaleed said: “KHC’s more than $10 billion private equity portfolio (locally and internationally) is achieving excellent returns and realizing shareholder value.”
The company announced a net income for the nine months ended September 30, 2013 SR511 million compared to the net income of SR 497 million for the same period in 2012, representing an increase of 2.8 percent.
The third quarter results of SR220 million as compared to the net income of SR218 million in the previous quarter, representing an increase of 1.0 percent.
The gross operating profit for the quarter ended September 30, 2013 amounted to SR366 million compared to the same quarter in 2012 of SR285 million, representing an increase of 28.4 percent.
Shadi Sanbar, CFO, said: “KHC continues to look at various investments opportunities such as Twitter where the company and Prince Alwaleed invested $300 million (which will go public in Two weeks).
The CFO said: “The company has substantial cash available and a strong borrowing base to pursue opportunistic investments. The third quarterly payment of dividends has been deposited in shareholder’s accounts on October 10, 2013.”