HRH Prince Alwaleed bin Talal bin Abdulaziz Alsaud, Chairman of Kingdom Holding Company announced the Company’s financial results of operations for the fourth quarter and the twelve months ended December 31, 2009. The Company announced a net income of SR 155.5 million, an increase of 48% when compared to the results for the third quarter of 2009. The consolidated net income for twelve months totaled SR 402.6 million.
During the quarter, the Company continued to pursue the development of its two real estate projects in Jeddah and Riyadh.
HRH Prince Alwaleed commented: “I feel very confident that Kingdom Holding’s financial results will continue to grow. KHC continues on the path of profitability due to its sound and promising strategic investments locally, regionally and internationally. These positive results will drive future positive returns for shareholders. Kingdom Holding has a very well defined vision and its Executive Team is fully committed to achieving the Company’s financial results and objectives.”
The Chairman also stated, “We are pleased the worst of the global economic crisis is behind us and the Company is on solid footing for continuing profitable results.”
As announced recently, the Company’s realized a generous grant from HRH Prince Alwaleed, the Chairman, by transferring the ownership of 180 million from his own private Citigroup shares, at no cost, at a value of SR2.24 billion to KHC`s shareholders. This unprecedented gift has added substantial value to all shareholders and proved the level of commitment that HRH has toward the company`s investors.
Kingdom City Riyadh is a unique city within a city, located on the Dammam highway North East of Riyadh on an area of 16.8 million square meters. The project will consist of residential, commercial, offices and retail facilities. The city will also include a sports club, leisure, horse riding and education facilities, and open parks that meet international standards of quality and that are environmentally friendly.
Kingdom Tower Jeddah, the world’s tallest tower exceeding 1000 m in height, will be the centerpiece of Kingdom City Jeddah, the largest, most comprehensive real estate development to be built on the Red sea coast of the Kingdom of Saudi Arabia. The project will include offices, villas, apartments, hotels, malls, marina, recreational areas, connecting bridges and much more. It is expected to become a world-leading tourist, business and residential centre and offer the best investment opportunity in the Middle East. The Plans for the two colossal projects of Kingdom City in Jeddah and Kingdom Tower in Jeddah were inaugurated 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.
KHC’s portfolio has its main interests in local and international investments that include landmark hotel properties, hotel management companies, real estate, financial services, technology, media, retail, agriculture, manufacturing and aviation. KHC’s local investments include, Saudi Research and Marketing Group (SRMG), National Air Services (NAS), Kingdom Hospital, Consulting Clinics, Kingdom City, Kingdom Centre, Kingdom Schools, SAKS Fifth Avenue, Four Seasons Hotel Riyadh, SAVOLA and TASNEE (National Industrialization Company).