Saudi billionaire's investment firm posts $390m losses in 2020 - Arabianbusiness
The investment firm of Saudi billionaire Prince Alwaleed bin Talal on Wednesday announced a net loss of SR1.46 billion ($390 million) for 2020.
Kingdom Holding Company said the loss compared to a net profit of SR420.2 million in 2019.
In a filing to the Saudi Tadawul stock market, Kingdom said the losses were attributed to lower share from equity-accounted investees, decreased hotel and other operating revenues, impairment of equity-accounted investee, and a drop in gains from investments.
The company also cited higher asset impairment, and increased Zakat expenses. Zakat is the compulsory giving of a set proportion of one's wealth to charity.
In August, the company said it was looking for deals in Europe because US assets, particularly technology stocks, were seen as overpriced.
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