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Saudi Arabia: Kingdom Holding goes into the red

Prince Alwaleed Bin Talal’s Kingdom Holding Company reported a loss of SR54.9m ($14.6m) the first quarter, down from a profit of SR180.3m in Q1 2019. In a statement to the Saudi Stock Exchange (Tadawul) on 22 June, the company attributed its changing fortunes in part to a fall in hotel and other operating revenues, which fell 19% year-on-year to SR333.5m. Of greater significance was the lack of gains from investments, which a year ago contributed SR466.9m but this time came in at zero.

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