RIYADH, 5 November 2007 — Kingdom Holding Company (KHC), chaired by Prince Alwaleed bin Talal, registered a SR954 million net income in the nine months ended Sept. 30, 2007, which almost equaled the pro forma results in the full year ended Dec. 31, 2006, the company said in a statement yesterday.
Based on the 6.3 billion shares outstanding for the entire period, earnings per share equaled SR15. Consolidated revenues totaled SR5.8 billion.
The financial statements were approved by the board of directors in a meeting on Oct. 30, 2007. The board was pleased with the consolidated results.
The company continued to realize solid gains from their hotel operations through their majority-owned subsidiary, Kingdom Hotel Investments. In addition, its hotel management subsidiary, Fairmont Hotels, continued its plans to sell off non-strategic assets while reducing its corporate debt considerably.
Four Seasons hotel, in which the company has 45 percent stake, also continued to achieve increases in management fees due to improved occupancy and revenue per occupied room, the statement further said.
With respect to its operations in Saudi Arabia, KHC is pursuing its development plans for its landmark project in Jeddah and its real estate development north of Riyadh.
The Jeddah project has an area of 5.3 million square meters and is located in the city’s northern area on the Red Sea coastline — a strategic area for the development of the project. The investment project is comprised of a colossal skyscraper with a surrounding area for other facilities (residential, commercial, construction of a five-star hotel and offices). The project will also connect the Red Sea coastline of the area to Sharm Obhur.
The Riyadh 16.7-million square meter project — located on the Dammam highway and 15 minutes drive from the city center — will include a leisure resort and facilities managed by Four Seasons Hotels and Resorts.
Alwaleed said KHC stands ready to meet the challenges facing the global and domestic markets, adding that “we have faced challenges before and we always came out stronger and better, as we will in the future with the help of God Almighty.”
