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.
Prince Alwaleed, who owns 95 percent of Kingdom Holding, has stakes in Citigroup, ride-hailing firm Lyft, and Accor through the investment firm. He has also made several high-profile technology investments, including $250 million into Snap and $267 million in music-streaming service Deezer in 2018.
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