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27/07/2016 05:20 AST
Saudi Arabian construction firm Abdullah Abdul Mohsin Al-Khodari and Sons said on Tuesday it swung to a net loss in the second quarter as earnings were pressured once again by a slowdown in the Kingdom's building sector.
The company made a net loss of SR43.34 million ($11.6 million) in the three months to June 30 compared to a profit of SR34.86 million in the year-earlier period.
EFG Hermes had forecast the company would make a net loss of SR16 million during the quarter.
Al-Khodari cited a 37.4 percent dip in revenue, partly due to a lower contribution from newly awarded contracts. It also blamed a 10 percent rise in financial charges and a 43.7 percent drop in other income due to a decrease in sales of used equipment.
Last month, Al-Khodari said it would book a SR19.4 million special loss after it received state permission to reallocate a government contract it won in 2014 to another company.
Al-Khodari, like many construction-related firms, has been pressured by a severe slowdown in the sector caused by cutbacks in state spending due to lower oil prices. It had reported losses in two of the preceding three quarters.
The firm was awarded SR54 million of new contracts in the second quarter, down from SR340 million in the corresponding period of 2015.
Arab News
23/11/2016
Saudi Arabian construction firm Abdullah Abdul Mohsin Al-Khodari and Sons said on Tuesday that projects worth SR362.2 million ($97 million) had been delayed due to factors ranging from clients' fundi
Arab News
20/01/2016
Saudi Arabian construction firm Abdullah Abdul Mohsin Al Khodari and Sons on Tuesday said it had swung to a fourth-quarter net loss as margins and revenue fell and financial charges increased.
Trade Arabia
04/01/2016
Saudi Arabia's Abdullah Abdul Mohsin Al-Khodari and Sons on Sunday forecast changes to the kingdom's electricity and energy prices would raise its costs by SR44.3 million ($11.81 million) between 20
Saudi Gazette
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08/08/2025
Burjeel Holdings, a leading super-specialty healthcare services provider in MENA, has delivered a strong top-line growth of 18.7% to AED1,403 million ($381.98 million) in Q2 2025, driven by a 12.1% i
Trade Arabia
08/08/2025
Saudi Arabian Mining Company (Maaden) has reported a 73% jump in its net profit for the first half, which soared to SAR3.47billion ($924 million) from SAR2.01 billion ($535 million) last year, mainly
Trade Arabia
08/08/2025
Market heavyweight Industries Qatar (IQ) - the holding entity of Qatar Petrochemicals, Qatar Fertiliser and Qatar Steel - has reported net profit of QR2bn in the first half (H1) of 2025.
The
Gulf Times
08/08/2025
Aramex reported group revenues of Dh3.06 billion for the first half of 2025, marking a 1% year-on-year increase, as growth in domestic and regional logistics offset weakness in international express
Gulfnews
08/08/2025
Parkin Company PJSC, the city's largest paid public parking provider, reported a record 56% year-on-year rise in Q2 2025 revenue to Dh320 million, driven by higher public parking tariffs, strong enfo
Gulfnews
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