RIYADH, 10 May 2006 — Kingdom Hotel Investments (KHI), chaired by Prince Alwaleed ibn Talal, yesterday announced its preliminary results for the fiscal year ending Dec. 31, 2005 in which the company detailed a strong performance across the KHI portfolio.
The company has reported an increase of 179 percent in net income to $12.3 million up from last year’s figure of $4.4 million. The company also reported a revenue of $58.8 million to boast an increase of 53 percent from $38.4 million in 2004.
KHI registered a gross profit of $17.9 million in the year ending 2005, up 41 percent in comparison to the $12.7 million reported in 2004. There was a 133 percent increase in earnings per share (EPS) to $0.07 in 2005 up from the $0.03 in 2004. Revenue per available room (RevPAR) is reported at $81 for the year 2005 increased by 23 percent from the 2004 figure of $66.
Commenting on the results, Prince Alwaleed said: “2005 was a transformational year for Kingdom Hotel Investments. KHI’s performance demonstrates the strength of our strategy of acquiring underperforming assets with clear potential supported by active asset management.”
