Saudi's Kingdom Holding Q3 income up 21.7%

Growth of Alwaleed firm despite low performance of its int'l hotels

 Prince Alwaleed bin Talal
Prince Alwaleed bin Talal

Saudi Arabia's Kingdom Holding, the investment vehicle of Prince Alwaleed bin Talal, reported a third quarter net income rise of 21.7 percent, compared to the same quarter a year ago, despite the firm’s hospitality division suffering as a result of the Arab Spring.

“The increase in net income for the third quarter is due to income of real estate investments, dividends from investments in financial markets, improvement of performance from associate companies and reversal of impairment loss,” the Riyadh-based firm said in a statement to the Saudi Stock Exchange.

However, it said the overall rise was “despite the low performance of international hotel companies as a result of current events in the Middle East”.

Did you like this story?
Click here for more

Overall, net income for the nine-month period hit SAR497.5m (US$132.6m), compared to a net income of SAR451.8m for the same period last year, a rise of 10.1 percent, Kingdom said.

Kingdom Holding owns stakes in a wide range of global companies including News Corporation, Citibank, Twitter, Four Seasons Hotels, the Savoy Hotel in London, Disneyland Paris, Apple, The Plaza New York and George V Hotel in Paris.

The company is also backing development of the Kingdom City project in Jeddah, which will include Kingdom Tower, the tallest building in the world when complete.

In October, Kingdom sold its interest in the Fairmont Hotel and Raffles Suites & Residences in Manila for SAR218m (US$58.1m).

The deal was signed with a unit of the Philippines' Ayala Land and earned an estimated profit of SAR22m, Kingdom said.

The Saudi company said it would remain a stakeholder in further stages of the real estate project but did not elaborate on the size of its stake.

For all the latest hospitality news from UAE, Gulf countries and around the world, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page.

Most Popular

Newsletter

Reports

Human Capital Report 2017

Human Capital Report 2017

The second annual Hotelier Middle East Human Capital Report is designed to explore the issues, challenges and opportunities facing hospitality professionals responsible for the hotel industry’s most important asset – its people. The report combines the results of Hotelier Middle East's HR Leaders Survey with exclusive interviews with the region's senior human resources directors.

Hotelier Middle East Housekeeping Report 2016

Hotelier Middle East Housekeeping Report 2016

The Hotelier Middle East Housekeeping Report 2016 provides essential business insight into this critical hotel function, revealing a gradual move towards the use of automated management and a commitment to sustainability, concerns over recruitment, retention and staff outsourcing, and the potential to deliver much more, if only the industry's "image problem" can be reversed.

From the edition

From the magazine