Kingdom Holding Q3 profit up 10pc
Riyadh, October 22, 2012
Kingdom Holding Company (KHC), the investment company chaired by Saudi Prince Alwaleed, has registered a net profit of SR218 million ($59.3 million) for the third quarter, up 10 per cent over the same period last year.
Announcing the results on Monday, Prince Alwaleed said the company's consolidated net income for nine months too grew 10 per cent to hit SR497 million. KHC's international and regional equities portfolio increased to over SR2.5 billion compared to last year in addition to realizing gains from its real estate investments.
“KHC will continue to realize sustained and increased profitability,” remarked Alwaleed.
Furthermore, the Saudi company said it has begun work on the SR4.6 billion Kingdom Tower, the world’s tallest building which will stand at over 1,000 meters high in Jeddah.
Kingdom Tower is the centerpiece and the first construction phase of Kingdom City, Jeddah Economic Company’s (JEC) new urban development of more than 5.3 million sq m of land in the north of Jeddah overlooking the Red Sea and Obhur Creek.
KHC had earlier signed an agreement for the sale of part of Kingdom Riyadh Land located east of capital, Riyadh for SR250 million.-TradeArabia News Service