Kingdom Holding incurs one-off losses in Q2 2020, COVID-19 hits hotel segment revenues: CEO

26/08/2020 Argaam

 

Kingdom Holding Co. (KHC) incurred losses of over SAR 1 billion in Q2 2020, hit by the hotel segment, CEO Talal Al Maiman told Al-Arabiya TV, adding that these one-off and interim losses could be offset in the next quarters.

 

“The COVID-19 pandemic has weighed negatively on the company’s hotel revenues, which represent 44% of total income,” Al Maiman added, excluding the years with divestment profits.

 

Kingdom Holding is one of the largest investors in the hotel and hospitality sector. It also holds major investments in the technology sector.

 

The company is studying various investment opportunities, Al Maiman noted, adding that it will soon invest in some firms, due to asset impairment amid the current economic conditions that are expected to improve going forward.

 

The investment firm is not only considering investment opportunities in the equity markets, but also in the hotel and aviation industries, Al Maiman concluded.

 

KHC sustained a net loss after Zakat and tax of SAR 1.176 billion for H1 2020, against a net profit of SAR 315 million a year earlier.

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