KHC Q1 net income jumps 50pc
Riyadh, April 20, 2010
Kingdom Holding Company (KHC), the investment firm of Saudi Prince Alwaleed bin Talal bin Abdulaziz Alsaud, said its net income for the first quarter rose to SR75.2 million, up 50 per cent when compared to the same period last year.
Announcing the financial results for the quarter ended March 31, KHC said the shareholders’ equity too rose significantly in the light of global economic recovery and the favourable operating results.
'The KHC investors’ equity jumped from SR21.6 billion to SR25.8 billion representing a year on year increase of 19.5 per cent (approximately SR1.14 per share in book value),' a statement from the company said.
'This is explained by the significant improvement in our investment portfolio, which we would hope will continue, and the recent share contribution by Prince Alwaleed at no cost to the company,' it added.
Commenting on the results, Prince Alwaleed said,'We are delighted with the excellent quarterly result, during which we continued to create value for our shareholders while establishing a strong foundation for the long term growth.'
'Subsidiaries and investments performed well with resilient revenue growth delivered across our hotels and real estate investments as well as a recovery in our investment portfolio,' he added.-TradeArabia News Service