Kingdom Holding Reports Net Income of SR605 million

Kingdom Holding Reports Net Income of SR605 million

Kingdom Holding Reports Net Income of SR605 million for the Year 2010 a 50.3% increase over 2009.

January 18, 2011 10:27 by Reuters

HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, Chairman of Kingdom Holding Company (KHC) announced the Company’s financial results of operations for the fourth quarter and the twelve months ended December 31, 2010.

The Company announced a net income of SR235 million, an increase of approximately 50.8% when compared to the results for the fourth quarter of 2009.

The consolidated net income for twelve months totaled SR605 million,an increase of 50.3% over last year’s.

The Company is continuing to experience improving results from its hotel management companies and its owned hotels and associate companies and income on investments.

HRH Prince Alwaleed said, “Kingdom Holding Company’s sound strategic plan, which was put in place in 2009, has started to pay off.

We promised, delivered and will continue to achieve profitability and distribute dividends, God willing.” Kingdom Holding recently announced its plans to pay cash dividends to its shareholders on a quarterly basis starting in April of this year. Furthermore, the company is progressing with its two significant real estate Jeddah and Riyadh projects as planned.