Kingdom Holding of Saudi Arabia Incurs SAR 3.3 Billion Losses

Kingdom Holding Co. (KHC), Saudi conglomerate holding company, sustained a net loss of SAR 3.3 billion for the first half of 2020, against a net profit of SAR 3 billion in the first half of last year.

The company also swung to losses from a net profit of SAR 1.12 billion for Q2 2020, compared to a net profit of SAR 143.6 million in the corresponding quarter of last year.

The losses were attributed to a drop in investment gains, as well as hotels and other operating revenues. Moreover, a decrease in the KHC’s share from equity-accounted affiliates also weighed on the quarterly results.

The Kingdom Holding Company is one of the largest companies in Saudi Arabia, in terms of economic activity, investment and trade exchange.