Saudi Kingdom Holding Company turned to losses in the second quarter of 2020 to record losses of 1.12 billion riyals compared to profits of 143.6 million riyals in the same quarter of last year.
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According to CNBC Arabia, in the first half of 2020, the company recorded losses of 3.3 billion riyals against profits of 3 billion riyals in the first half of last year.
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the company attributed the reasons for the loss to the decrease in the company's share of the results of the companies invested in the equity method, as well as the increase in other losses, as well as the decrease in hotel revenues and other operating revenues resulting from the Covid-19 pandemic In addition to the increase in the Zakat expense, the increase in the losses of financial assets, as well as the decrease in the distribution income despite the decrease in the operating costs of the hotels as well as the decrease in the general, administrative and marketing expenses as well as the decrease in the financial burdens in addition to the increase in the gains from investments and the decrease in the income tax expense.
(Amazon fun knowledge)
