Kingdom Holding Company, the investment firm controlled by billionaire Prince Alwaleed Bin Talal, reported a fall of 85.44% in net profit to 1.01 billion Saudi riyals ($270 million) in 2023, compared with SAR 6.95 billion a year earlier.

The profit decline was due to a one-off gain in the sale of half of its stake in Four Seasons Holdings in 2022, and no such gain was recognized in the current year.

In addition, the company reported an increase in financial charges, higher hotel and other operating costs, a rise in general administrative and marketing expenses, and a decrease in dividend income.

Revenue rose 8.5% to SAR 2.7 billion last year compared to SAR 2.5 billion in 2022.

The company’s board also proposed a 2.8% cash dividend, amounting to SAR 1.03 billion, for 2023.

(Editing by Seban Scaria seban.scaria@lseg.com)