JEDDAH: Kingdom Holding Company (KHC) headed by Prince Alwaleed bin Talal has registered a net income of SR155.5 million, an increase of 48 percent when compared to the results of the third quarter of 2009.
Consolidated net income for 12 months totaled SR402.6 million, said the company while announcing the result.
Prince Alwaleed said, “We are pleased the worst of the global economic crisis is behind us and the company is on solid footing for continuing profitable results.”
He expressed confidence that Kingdom Holding’s financial results will continue to grow. “KHC continues on the path of profitability due to its sound and promising strategic investments locally, regionally and internationally. These positive results will drive future positive returns for shareholders. Kingdom Holding has a very well defined vision and its executive team is fully committed to achieving the company’s financial results and objectives,” he added.
Recently, Prince Alwaleed transferred $180 million from his own private Citigroup shares at a value of SR2.24 billion to KHC’s shareholders.
“This unprecedented gift move has added substantial value to all shareholders and proved the level of commitment that Prince Alwaleed has toward the company’s investors,” says a press release of the company.
During the fourth quarter of 2009, KHC continued to pursue the development of its two real estate projects in Jeddah and Riyadh.
Kingdom City Riyadh is a unique city within a city, located on the Dammam highway Northeast of Riyadh on an area of 16.8 million square meters. The project will consist of residential, commercial, offices and retail facilities. The city will also include a sports club, leisure, horse riding and education facilities, and open parks that meet international standards of quality and that are environmentally friendly.
Kingdom Tower Jeddah, the world’s tallest tower exceeding 1 km in height, will be the centerpiece of Kingdom City Jeddah, the largest, most comprehensive real estate development to be built on the Red sea coast of Saudi Arabia. The project will include offices, villas, apartments, hotels, malls, marina, recreational areas, connecting bridges and much more. It is expected to become a leading tourist, business and residential center and offer the best investment opportunity in the Middle East. The plans for the two colossal projects of Kingdom City in Jeddah and Kingdom Tower in Jeddah were inaugurated at the “Toward the First World” architectural exhibition that was held in Jeddah, under the auspices of Custodian of the Two Holy Mosques King Abdullah.
KHC’s portfolio has its main interests in local and international investments that include landmark hotel properties, hotel management companies, real estate, financial services, technology, media, retail, agriculture, manufacturing and aviation. KHC’s local investments include, Saudi Research and Marketing Group (SRMG), National Air Services (NAS), Kingdom Hospital, Consulting Clinics, Kingdom City, Kingdom Center, Kingdom Schools, SAKS Fifth Avenue, Four Seasons Hotel Riyadh, Savola and TASNEE (National Industrialization Company).
