Kingdom Holding Company announces the interim consolidated financial results for the period ended 31/03/2012 (three months)
1. Net income for the first quarter was SR 100.8 million compared to the net income of SR 90.6 million for the same quarter in 2011, representing an increase of 11.3%, and compared to the net income for the last quarter of 2011 of SR 187.8 million, representing a decrease of 46.3%.
2. Gross profit for the first quarter was SR 274.8 million compared to the same quarter in 2011 of SR 177.3 million, representing an increase of 55.0%.
3. Income from operations for the first quarter was SR 218.1 million compared to SR 208.4 million for the same quarter in 2011, which represents an increase of 4.7%
4. Earnings per share for the three months period ended March 31, 2012, amounted to SR 0.03 compared to SR 0.02 for the same period in 2011. Note that the earnings per share computation for the two periods were made by dividing the number of current weighted average of outstanding shares by 3,706 million shares.
5. The reason for change in net income is a result of selling its stake in the Four Seasons Hotel Toronto and partial sale of the Kingdom Oasis Project in Riyadh to the Trade Centre Company Limited (TCCL), as well as income from the portfolio of Assets Held for Trading. The change is also due to a decrease in the performance of international hotel management companies as a result of current events in the Middle East and an increase in financing costs. Please note that some figures were adjusted for comparison periods.
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