The company made a net income of SR75.2 million ($20 million) in the three months to end of March, approximately a 50 percent increase over last year’s first quarter results.
In light of the global economic recovery and the favorable operating results, the company’s shareholders’ equity increased from SR21.6 billion as of March 31, 2009, to SR25.8 billion as of March 31, 2010, representing a year on year increase of 19.5 percent, or approximately SR1.14 per share in book value, the company said in a statement on Tuesday.
“This is explained by the significant improvement in our investment portfolio, which we hope will continue, and the recent share contribution by Prince Alwaleed at no cost to the company,” the statement said.
“We are delighted with the excellent results in first quarter, during which we continued to create value for our shareholders while establishing a strong foundation for the long term growth,” Prince Alwaleed said while commenting on the quarterly results.
“Subsidiaries and investments performed well with resilient revenue growth delivered across our hotels and real estate investments as well as a recovery in our investment portfolio.”
