Saudi KHC’s Q3 net income hikes 24% to USD52.7m

21 Oct 2011

(MENAFN) Kingdom Holding Company’s (KHC) chairman, Prince Alwaleed bin Talal, said that during the third quarter, net income surged 24 percent from last year’s same period to USD52.7 million, reported Arab News.

The Prince added that in the January-September period, the company’s consolidated net income hiked 22 percent reaching USD120.4 million; on the other hand, due to the company’s expansion in local and real estate investments, KHC would be expected to keep achieving strong financial results.

He also said that KHC sold 1 million sqm of land west of Kingdom Riyadh land to the Real Estate Investment Company Ltd., one of its subsidiaries, for USD66.6 per sqm.

It is worth noting that KHC recently decided to construct Kingdom Tower in Saudi, which will be the world’s tallest building, with a height that will exceed 1,000 meters.

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