GulfBase GCC Cap Indices
IndexLevelChg%
Large Cap4,019 -0.10
Med Cap3,848 -0.05
Small Cap4,895 -0.24
Micro Cap8,498 -0.25

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Ticker Price Volume
GFH 0.5 1,361,733
BKSB 0.14 70,617
DAMAC 3.85 372,716
DSI 0.39 34,049,322
ALINMA 16.47 22,194,374
DANA 0.62 13,288,208
EEC 18.02 328,623

Kingdom Holding Co.

Source: Taib Bank

Quarterly Update

• Kingdom Holding Company (KHC) reported total revenues of SAR 3,347 million for 2010, down 26.0% YoY.
• Net income jumped 50.3% to SAR 605 million from SAR 403 in 2009.
• We are forecasting total revenues for 2011 at SAR 4,340 million, and our net income estimate stands at SAR 648 million for 2011.
• We are maintaining our earlier OVERWEIGHT recommendation on KHC with a revised DCF target price of SAR 10.25, implying an upside of 12.6%.

Profitability
Income from operations rose 26.0% to SAR 692 million, due to lower operating expenses. Net profit grew 50.3% to SAR 605 million from SAR 403 million in the earlier year. Consequently, adjusted EPS stood at SAR 0.16, compared to SAR 0.11 in 2009.

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