Kingdom Holding Net Income for Nine Months of 2009 Totals SR 247.1 million
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Kingdom Holding Net Income for Nine Months of 2009 Totals SR 247.1 million
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Category: Worldwide - Industry economy
- Figures / Studies
This is a press release selected by our editorial committee and published online for free on 2009-10-21
Prince Alwaleed: “KHC continues its strategic investments locally & internationally”
HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud, Chairman of Kingdom Holding Company (KHC) announced the Company’s financial results of operations for the third quarter and the nine months ended September 30, 2009. The Company announced net income of SR 104.8 million, an increase of 13.9% when compared to the results for the second quarter of 2009. The consolidated net income for nine months totaled SR 247.1 million.
During this quarter the value of the Company`s portfolio has increased to SR 6.1 billion or 37% as compared to the previous quarter ended June 30, 2009 due to the recovery in the global economy that contributed to the improvement in the local and international financial markets.
HRH Prince Alwaleed commented: "I feel very confident that Kingdom Holding’s financial results will continue to grow during the remainder of this year. Kingdom Holding has in place a very well defined vision and its Executive Team is fully committed to achieving the Company’s financial results and objectives."
Prince Alwaleed also commented: “Kingdom Holding continues in its profit path in the third quarter and forecasts future profit in light of the positive performance of the local and international portfolio.”
During the quarter, the Company continued to pursue the development of its two real estate projects in Jeddah and Riyadh, with the recent inauguration of the two colossal projects of Kingdom City in Jeddah and Kingdom Tower in Jeddah at the “Towards the First World” architectural exhibition that was held in Jeddah, under the auspices of the Custodian of the Two Holy Mosques, King Abdullah on Saturday 11th October 2008.
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