Kingdom Hotels eyes '08 profit growth
Riyadh, February 10, 2009
Kingdom Hotel Investments, controlled by Saudi billionaire Prince Alwaleed bin Talal, said it would post growth in net profit in 2008 on the performance of its hotel business and real estate sales.
Kingdom Hotels 'is expected to deliver strong growth in net income before exceptional items driven by hotel performance and real estate sales,' the company said in a statement.
The full-year earnings would be released on March 12, the statement added.
Revenue for the year would grow by more than 50 per cent while earnings before interest, taxes, depreciation and amortisation would advance about 40 per cent, it said.
Kingdom Hotels, which owns hotels managed by chains such as Fairmont Hotels, has focused its business on emerging markets.-Reuters