Saudi billionaire's investment vehicle blames drop in hotel revenue and dividend income
Saudi Arabia's Kingdom Holding, the investment firm owned by billionaire Prince Alwaleed bin Talal, posted a 38.3 percent fall in third-quarter net profit on Thursday.
Net profit was 179.88 million riyals ($48.0 million) in the three months ending Sept. 30, versus 291.55 million riyals a year earlier, according to a bourse filing.
The company, which sold the Four Seasons Toronto for C$225 million ($171 million) in October, blamed drop in hotel revenue and dividend income, as well as rise in depreciation and finance charges.
It said in July that it expected to record 150 million riyals less revenue from its share-swap deal with AccorHotels in its third-quarter earnings due to FX fluctuations caused by Brexit.For all the latest banking and finance news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.