Kingdom Announces 3Q Net Profit of SR 217.8 million

22/10/2012 10:24 AST

Kingdom Holding Company announces the interim consolidated financial results for the period ended 30/09/2012:

The Company announced 3Q 2012 Net income of SR 217.8 million compared to the net income of SR 197.7 million for the same quarter in 2011, representing an increase of 10.2 %, and compared to the net income for the last quarter of SR 178.9 million, an increase of 21.7%. While the Net income for the nine months period amounts to SR 497.5 million compared to the net income of SR 451.8 million for the same period in 2011, an increase of 10.1%.

The Third Quarter 2012 Gross profit of Kingdom amounted to SR 285.1 million compared from SR 359.4 million of the corresponding period in 2011 of, a decrease of 20.7%. Gross profit for the nine months period was SR 798.2 million, compared to SR 870.7 million for the same period in 2011, a decrease of 8.3%.

The Income from operations for Q3 reached to SR 317.8 million compared to SR 304.5 million for the Q3 in 2011, an increase of 4.4%. Income from operations for the nine months period was SR 826.8 million, compared to SR 791.2 million for the same period in 2011, an increase of 4.5%.

Earnings per share for the nine months period, amounted to SR 0.13 compared to SR 0.12 for the same period in 2011. Note that the earnings per share computation for the two periods were made by dividing the number of current weighted average of outstanding shares by 3,706 million shares.

According to the Company the reason for the change in net profit for the period and an increase in the company’s income is due to income of real estate investments, dividends from investments in financial markets, improvement of performance from associate companies and reversal of impairment loss despite the low performance of international hotel companies as a result of current events in the Middle East. Please note that some figures were adjusted for comparison periods.

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