The Kingdom Holding Company, owned by the Saudi tycoon Prince Walid bin Talal, reported a $8.26 billion net loss in the fourth quarter of 2008 after a decline in the value of its assets, including a substantial stake in Citigroup. Kingdom Holding said it lost 30.98 billion riyals ($8.26 billion) in the fourth quarter of 2008. That compares with a gain of 255.6 million riyals ($68.2 million) in the same period a year earlier.
According to the AP, Kingdom Holding said its 2008 losses totaled 29.91 billion riyals ($7.98 billion). That compares with a profit of 1.21 billion ($322.7 million) for the prior year.
The earnings announcement, which came after the Saudi stock exchange’s close, could add to investors’ concern on the impact of the global crisis on Saudi firm. The company is also the largest private shareholder on the Saudi exchange. Kingdom Holding was established in 1980 and initially focused on construction projects before evolving into one of the largest investment companies in the United States and elsewhere.
