Riyadh-based Kingdom Hotel Investments (KHI), a subsidiary of Prince Alwaleed bin Talal's Kingdom Holding Company, has announced a 179 per cent increase in 2005 net profits to $12.3 million. Earnings per share rose to $0.07 from $0.03 and revenue per available room was up by 23 per cent to $81.
Chief executive officer Sarmad Zok said that, in the year ahead, the company would continue to focus on further hotel and resort acquisitions. During 2005, KHI added more than 2,000 rooms to its global portfolio, acquiring seven operational properties and signing agreements to develop a further six.The majority of the new investments were in Africa, which is the focus of the company's expansion plans. Its most recent investment was the purchase of the Moevenpick Resort & Spa in Mauritius (MEED 14:4:06).
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