Talal Al-Maiman, CEO of Kingdom Holding Co. (KHC), expected the company to post strong profit in 2022, saying that financial results are still under review.
He told Al-Arabiya TV, on the sidelines of the World Economic Forum in Davos, that there are opportunities in global markets, but it is better to wait until the end of Q2 2023, and to keep cash liquidity in light of the current global risks.
KHC’s portfolio currently stands at SAR 49 billion, 40% of which is in the Kingdom, US (19%), UK (14%), France (9%), Spain (5%) and Canada (5%). It varies between investments in growth stocks and returns, but the company does not have investments in bonds, according to the top official.
As for investing in the Saudi Exchange (Tadawul), Al-Maiman said that the company is monitoring the market for the appropriate opportunities, as it is currently slightly higher compared to other markets.
He pointed out that KHC will not resort to borrowing, in light of the high interest rates, while it will maintain its cash liquidity at the present time, which amount to $ 400 million (SAR 1.5 billion).
The company is also considering investment in the electric vehicles sector and new technology, but has not reached a decision yet, as conditions will be clearer in next two quarters, he added.
Furthermore, Al-Maiman stated that KHC is currently open to all opportunities in the Kingdom, in light of the support witnessed by the private sector, indicating that it is considering participation in the opening of hotels, and it is looking very seriously at all projects supported by the state, such as NEO, the Red Sea and others.
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