Profits nearly quadrupled for Kingdom Hotel Investments (KHI), controlled by Saudi Prince Alwaleed bin Talal, during the year’s first-half, with revenue rose 71 per cent to $42.7 million, the company announced earlier this week.
Net income rose 282 per cent to $27.9 million, or $0.18 per share, compared to $7.3 million, or $0.07 per share, during corresponding period of the previous year, as business increased at KHI’s hotels across the globe in cities such as Cairo, Dubai, and Paris, according to Reuters.
“We have had a strong six months with continued developments throughout a number of key territories where we continue to see considerable potential,” said Prince Alwaleed, the world’s eighth-richest man.
Mohammad Kamal, analyst at Dubai investment bank Shuaa Capital, confirmed the reports, saying: “The near quadrupling is a result of doubling the number of available rooms”. “They’ve grown exponentially,” he added, saying that Shuaa has had a “buy” recommendation regarding KHI.
The firm is currently developing 11 hotels, including one in Beirut and another in Gaza, while is currently owns shares in hotels in 17 countries in the Middle East, Africa and Europe managed by Four Seasons Hotels & Resorts, Moevenpick and Fairmont Hotels & Resort.
The company’s Four Seasons Hotel in Beirut will open one year later than expected in 2008 due to the recent conflict in the country.
