Kingdom Holding Company recorded losses of 50.1 million riyals in the first quarter of 2020, compared to a profit of 171.4 million riyals in the same period in 2019.
According to Arabia Net, the company said that the reason for recording losses during the current quarter, compared to the corresponding quarter of the previous year, is due to:
- Low investment gains.
- Hotel and other operating income decreased.
- A decrease in the company's share of the results of the companies invested in the equity method.
This came despite:
- Loss of financial assets losses.
- Zakat and income tax expense decreases, as well as lower general, administrative and marketing expenses.
- Reduced operating costs for hotels and other operating costs, as well as lower financial burdens.
- the height of the dividend income.
The company also said that the shareholders ’equity (after excluding minority rights) at the end of the period amounted to 26398.042 million riyals, compared to 31477.126 million riyals, as in the same quarter of the previous year, down 16.14%.
