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Kingdom Holding Q4 2015 net profit falls 85%

Kingdom Holding's net profit fell from $70.8m in 2014 to $10.1m in 2015, it was revealed in a bourse statement

Prince Alwaleed bin Talal's Kingdom Holding reported a 85.8% slump in net profit for Q4 2015.
Prince Alwaleed bin Talal's Kingdom Holding reported a 85.8% slump in net profit for Q4 2015.

Kingdom Holding has reported a 85.8% slump in net profit for the fourth quarter of 2015.

Net profit fell to $10.1m (SAR37.91m) from $70.8m (SAR266m) in the same period for the previous year, it was reported in a bourse statement. 

The investment firm, owned by Saudi billionaire Prince Alwaleed bin Talal, attributed the result to impairment provisions and declines in dividend income - as well as lower revenue and operating income from its hotels buisness. 

There factors offset an increase in income from associates and joint ventures, as well as lower general and administrative expenses and financing costs. 

Last month, Kingdom revealed it would exchange its stake in FRHI Holdings for $338m (SAR1.27bn) in a swap deal with AccorHotels - including other assets and a stake in the French hotel chain. 

The transaction came as part of the deal which would see AccorHotels buy the parent firm of the Fairmont, Raffles and Swisshotel chains in a cash-and-share deal worth $2.9bn (SAR10.8bn).

 

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