Riyadh – Mubasher: Kingdom Holding Company on Tuesday reported a net loss of SAR 1.126 billion in the second quarter (Q2) of 2020, against a net profit of SAR 143.599 million in the year-ago quarter.

The turn to loss is due to a lower share of results from equity-accounted investees and a drop in hotels and other operating revenues as a result of the coronavirus pandemic, coupled with higher other losses, according to a bourse statement.

In addition, Zakat expenses and impairment of financial assets hiked, whereas dividends income tumbled.

This came despite the decrease in hotels and other operating costs, general, administrative, and marketing expenses, as well as financial charges.

Revenue registered SAR 214.502 million in Q2-20, a decrease of 53.73% from SAR 463.563 million in Q2-19.

During the first half (H1) of the year, the Tadawul listed firm suffered SAR 1.176 billion worth of losses, versus profits of SAR 315 million in the prior-year period.