Kingdom Holding shares dip after a tricky start into 2011

19/04/2011 00:00 AST

The Saudi Stock Exchange's Tasi index ended 0.13% lower at 6,525.07 points, despite the rebound at market bellwether Sabic (up 2.95% at SR109). Credit Suisse analyst Mohamed Hawa told AMEinfo.com that the target price of SR120 he expects for Sabic was still valid. AlSorayai Group posted the largest decline (down 6.47% at SR23.85). Shares of Kingdom Holding Co., owned by well-known investor Prince Al-Waleed Bin Talal, dived 1.75%, closing at SR8.35. Earlier in the day, Kingdom Holding reported a net income for the first quarter of SR90.6m compared to the net income of SR75.2m (up 20.5%) for the same quarter in 2010. Compared to the net income for the fourth quarter of 2010 of SR234.6m, however, it represents a decrease of 61.4%. Gross profit for the first quarter 2011 amounted to SR177.3m compared to the same quarter in 2010 of SR324.1m, representing a decrease of 45.3%. "The reason for the change in net income is due to an increase in income from the sale of investments of the Swiss tel Kunshan in the People's Republic of China and part of Riyadh Land which is not related to the Companys projects. The change is also in part due to a decrease in general and administration expenses despite a decrease in performance from associate companies, and hotel operations due to a recent result in the Middle East market", Kingdom Holding says in a statement to the Tadawul bourse. Only 30 shares gained, while 103 lost and 12 ended flat.


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