(MENAFN - Arab News) Kingdom Holding Company, (KHC), chaired by Prince Alwaleed bin Talal, has announced the financial results of operations for the third quarter and the nine months ending Sept. 30.
The company announced a net income of SR 218 million, an increase of 10 percent compared to the results for the third quarter of 2011. The consolidated net income for nine months totaled SR 497 million, which represents an increase of 10 percent.
Prince Alwaleed commented: "Kingdom Holding Company will continue to realize sustained and increased profitability."
The company's international and regional equities portfolio has increased more than SR 2.5 billion over last year's in addition to realizing gains from its real estate investments.
Furthermore, the construction of world's tallest building, Kingdom Tower with a height of over 1,000 meters in Jeddah, has commenced with a total cost of SR 4.6 billion.
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 square meters of land in the north of Jeddah, overlooking the Red Sea and Obhur Creek.
KHC has signed an agreement for the sale of part of Kingdom Riyadh Land located east of Riyadh for SR 250 million.