Prince Alwaleed bin Talal, Chairman of Kingdom Holding Company (KHC), Tuesday announced the company's financial results of operations for the second quarter and the six months ended June 30, 2009. The company has posted a net income of SR92.1 million, an increase of 83.4 percent compared to the results for the first quarter of 2009. The consolidated net income for six months totaled SR142.2 million, according to a press statement published today. Cash proceeds from the sales of certain company assets were used to reduce its total debt by SR2.8 billion or approximately 16 percent as compared to Dec. 31, 2008 debt balances. In addition, during the quarter ended March 31, 2009, the company successfully renegotiated two of its financing arrangements and realized more favorable repayment terms. Prince Alwaleed said: “Kingdom Holding Co. returns to profitability through its sound strategic plan. I feel confident that KHC's financial results will continue to grow during the remainder of this year. Kingdom Holding Company has in place a very well defined vision and its executive team is fully committed to achieving the company's financial results and objectives.” KHC is still going ahead with its huge real estate Jeddah and Riyadh projects as planned.
