Kingdom Holding, the investment company controlled by Saudi Prince Alwaleed bin Talal, said their second-quarter profit advanced 47% on revenue from global hotel operations and units inside Saudi Arabia.
Net income increased to $36.1 million in the year-earlier period, the Riyadh-based company said in a statement to the Saudi bourse.
The company is “experiencing improving results from its hotel operations and its domestic entities,” it said.
Kingdom Holding restructured some of its management and business to drive growth after struggling through the global financial crisis.
Sarmad Zok, chief executive officer of the lodging unit Kingdom Hotel Investments, was appointed to the board of Kingdom Holding and its investment committee.
Kingdom Holding had lowered its share capital by 41% earlier this year. It also offered to purchase the rest of the shares in Kingdom Hotel Investments on March 15. The shares of the hotel company were delisted from Nasdaq Dubai last month.
