HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud, Chairman of Kingdom Holding Company (KHC) announced the Company’s financial results of operations for the first quarter ended March 31st, 2009. The Company announced net income of SR 50.1 million.
Moreover, KHC has sold some of its assets achieving profits. These cash proceeds from the sales were used to reduce the Company`s total debt by SR 3.4 billion or approximately 34% as compared to December 31, 2008 debt balances. In addition, during the quarter ended March 31, 2009, the Company successfully renegotiated its current financing arrangements on terms and conditions more favorable than previously existed, despite the current financial crisis.
HRH Prince Alwaleed said “I feel confident that KHC`s financial results have stabilized during this quarter and with its strong balance sheet, the Company is in a favorable position to identify good investment opportunities and we expect a continuation of this for this year. We are pleased that Kingdom Holding is returning to profitability.”
Kingdom Holding is still going ahead with its huge real estate Jeddah and Riyadh projects as planned.