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 preliminary results for the twelve months ended December 31, 2015.
The company reported gross operating profit for the year ended December 31, 2015 amounted to SR 1.699 billion compared to SR 1.563 billion for the year ended December 31, 2014, representing an increase of 8.7%. The consolidated net income for twelve months ended December 31, 2015 reached SR 707 million compared to the net income of SR 869 million for the same period in 2014, representing a decrease of 19%.
KHC performs regular reviews of its portfolio with respect to expected returns going forward, risk exposures and overall fit with the company strategic direction. As a result of its periodic assessments, KHC decreased exposure to some of its local and international investments, as well as set aside adequate provisions.
Prince Alwaleed commented: “Despite the turbulence in the global financial markets and slowdown in global economic activity, KHC ended the year with a strong financial position.