Riyadh – Mubasher: Kingdom Holding Company moved to losses of SAR 50.11 million in the first quarter (Q1) of 2020, versus net profits of SAR 171.4 million in the same period in 2019, as shown in the company’s initial financial statements.

Revenues totalled SAR 333.47 million during Q1-20, down by 18.9% when compared to SAR 411.6 million in Q1-19, according to a bourse statement on Monday.

The Saudi firm ascribed the interim losses to the drop in investment gains, hotel revenues, and other operating revenues, coupled with a lower share of results from equity-accounted investees.

However, the company saw a decrease in financial asset losses and a fall in Zakat and income tax expenses. The general, administrative, and marketing expenses, as well as financing costs, dropped, whereas dividend income increased.