Kingdom Holding Company (KHC), the investment vehicle of Saudi billionaire Prince Alwaleed bin Talal, said its net income for the first quarter of 2012 rose 11.2 per cent to hit SR100.8 million ($26.8 million) over the same period last year.

Announcing the results for the first quarter ended March 31, 2012, KHC said the company registered a 55 per cent growth in its gross profit for the first quarter hitting SR274.9 million compared to SR177.3 million the year before.

Commenting on the results, Prince Alwaleed said, Kingdom Holding’s profits reflect our sound investment strategy despite the challenges of the investment climate.'

KHC chief financial officer Shadi Sanbar said the company was ready to deliver on its well- planned investments in the near term and beyond.-TradeArabia News Service