Kingdom Holding H1 net profit surges 48%

21/07/2010 00:00 AST

Chairman of Kingdom Holding Company (KHC) Prince Alwaleed bin Talal announced the company had increased its net income by 48 percent during the first half of 2010 compared to last year.

KHC’s net income was SR135.4 million for the second quarter of 2010, an increase of 47 percent when compared to the same period in 2009.

Consolidated net income for the first half was SR 210.6 million.

The company is experiencing improved results from its hotel operations and domestic assets.

“Kingdom Holding Company continues on the path of profitability through its sound strategic plan,” said Prince Alwaleed.

“I feel confident that KHC’s financial results will continue to grow during the remainder of this year. Kingdom Holding Company has in place a very well-defined vision. Its executive team, with the recent addition of Sarmad Zok, is fully committed to achieving the company’s financial objectives,” he said.

KHC is going ahead with its huge real estate projects in Jeddah and Riyadh as planned.


Arab News

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