(MENAFN - Arab News) Kingdom Holding Co. (KHC), chaired by Prince Alwaleed bin Talal, will pay dividends worth SR 550.3 million this year, in quarterly installments, the company announced.
The company says in a press release it is recommendating to the general assembly of shareholders to distribute quarterly cash dividends from retained earnings of 1.25 percent (5 percent for the full year) of the shares nominal value, by distributing 12.5 halalas per share quarterly (the total for the year is SR 0.50 per share) for a total of SR 137.6 million as quarterly cash dividends amounting to SR 550.3 million for the year.
This figure was determined after Prince Alwaleed gave up the full entitlement of his share of the proposed annual cash distributions, which totaled 37 halalas per share (SR 1,302.7 million), or 9.25 halalas per share (SR 325.7 million).
KHC, reported that consolidated net income for 2012 totaled SR 707 million, an increase of 10.5 percent over 2011. The fourth quarter results of SR 210 million exceeded last year's figure by 11.6 percent.
Shadi S. Sanbar, the company's CFO and member of the investment committee, said:
"KHC realized significant gains from sales of certain real estate land sales in Riyadh, and recognized profit from the sale of hotels together with improving results from its three hotel management companies."
He said: "In addition, the general improvements in the equities market, both domestically and internationally, coupled with improving results from its associated companies and income on investments contributed favorably to the overall success in 2012."