Kingdom Holding Q4 net profit plunges 19.9pc
Jeddah, January 21, 2012
Kingdom Holding Company, the investment vehicle of Saudi billionaire Prince Alwaleed bin Talal, posted a 19.9 per cent decline in fourth-quarter net profit due to a decreased performance by associated hotels, it said on Saturday.
Kingdom Holding made a net profit of SR187.8 million ($50.1 million) in the three months ending December 31 compared with SR234.6 million in the same period a year.
Annoucing the company’s results, Prince Alwaleed said the Kingdom Holdings' consolidated net income for twelve months totaled SR639.6 million, up 5.7 per cent over last year.
The company, he said, was experiencing improved results from its hotel management companies and its owned hotels and associate companies and income on investments.
“Kingdom Holding commences 2012 with strength and continues on its strategic investment path,” he added
Kingdom Holding recently announced the continuation of its plan to pay cash dividends to its shareholders on quarterly basis which began in last April.
Furthermore, the company is progressing with its two significant real estate Jeddah and Riyadh projects as planned, said Prince Alwaleed.-Reuters and TradeArabia News Service