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Saudi Prince Alwaleed’s Kingdom Holding Q3 net profit down 38.3%

Saudi Prince Alwaleed’s Kingdom Holding Q3 net profit down 38.3%

The company blamed a 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 per cent fall in third-quarter net profit on Thursday.

The company made a net profit of SAR179.88m ($48m) in the three months ending September 30, versus SAR291.55m a year earlier, according to a bourse filing.

Kingdom blamed a drop in hotel revenue and dividend income, as well as rise in depreciation and finance charges.

It is expected to record SAR150m less revenue from its share-swap deal with AccorHotels in its third-quarter earnings due to FX fluctuations caused by Brexit, Kingdom said on July 12.

It also sold the Four Seasons Toronto for C$225m, the company said on October 2.

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