Kingdom Holding shares end 2012 on five-year high

  • Share via facebook
  • Tweet this
  • Bookmark and Share
Kingdom Holding chairman Prince Alwaleed bin Talal.

Kingdom Holding chairman Prince Alwaleed bin Talal.

Saudi Arabia's Kingdom Holding, the investment vehicle of Prince Alwaleed bin Talal, ended 2012 with a share price of SAR20.90 (US$5.57), the stock’s highest level since December 2007.

While the Saudi Arabian Tadawul All-Share Index fell 0.34 percent in on the final day of trading in 2012, Kingdom Holding rose 3.47 percent to record its highest rise in five years.

The news topped a successful year, with third quarter net income rising 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”.

Overall, net income for the nine-month period hit SAR497.5m (US$132.6m), compared to net income of SAR451.8m for the same period of 2011, 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 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.

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearing

Further reading

Features & Analysis
Some banks win, some lose in Dubai's 'Islamic economy'

Some banks win, some lose in Dubai's 'Islamic economy'

Dubai's gov't announced plans to turn the emirate into a global...

Coming to America

Coming to America

As Barack Obama seeks to rebalance the bloated US economy, the...

Should the Gulf introduce VAT?

Should the Gulf introduce VAT?

The GCC’s plans to bring in value-added tax were withdrawn as...

Most Popular
Most Discussed