Prince Alwaleed commented: "We are delighted with the first quarter results and the increase in net income over last year's. We continue to create value for our shareholders while establishing a strong foundation for the long-term growth."
Despite the recent events in the hospitality, travel and leisure industry in the Middle East and Japan, KHC realized gains on the sale of one of its hotels and a parcel of land in East of Riyadh.
Shadi Sanbar, CFO, said: "In view of the recent Royal Decrees, I am confident that the outlook for the company's continuing profitability is very promising, especially in so far as the real estate developments in Saudi Arabia are concerned." He added: "KHC is poised to capitalize on financial and strategic opportunities as they come up."
