RIYADH, Saudi Arabia, Jan. 24, 2013 /PRNewswire/ -- Kingdom Holding Company (KHC), chaired by HRH Prince Alwaleed Bin Talal Bin Abdulaziz Alsaud, announced the Company's financial results of operations for the fourth quarter and the twelve months ended December 31, 2012. The Company reported that consolidated net income for twelve months totaled $188 million, an increase of 10.5% over last year's, while the fourth quarter results of $56 million exceeded last year's by 11.6%.
Mr. Shadi S. Sanbar, the Company's CFO and member of the Investment Committee, highlighted the following achievements for the year 2012. "KHC realized significant gains from sales of certain real estate land sales in Riyadh, and recognized profit from the sale of hotels together with improving results from its three hotel management companies. In addition, the general improvements in the equities market, both domestically and internationally, coupled with improving results from its associated companies and income on investments contributed favorably to the overall success in 2012." Moreover, Mr. Sanbar added: "The 136% increase in share price in 2012 was the highest in Saudi Arabia and reflects the overall market confidence in the Company's sustained ability to deliver and realize substantial value to its shareholders."
Founded in 1980, KHC is a publicly traded company which was listed on Tadawul (the Saudi Stock Exchange) in 2007. KHC is one of the world's most successful and diversified business organizations, highly respected in the field of investments and recognized as an elite player in the Arabian Gulf region, and internationally. KHC's portfolio has its main interest in landmark hotel properties and hotel management companies, real estate development in Jeddah and Riyadh, financial services, technology and media, manufacturing, aviation and agriculture.
SOURCE Kingdom Holding Company