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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
| Ticker | Price | Change |
|---|---|---|
| BURGERIZZR | 12.50 | -0.50 (-3.85 |
| ALMUTAHED | 0.00 | 0.00 (0.00 |
| ALMAL | 0.00 | 0.00 (0.00 |
| ALAMAN | 0.00 | 0.00 (0.00 |
| MASSALEH | 0.00 | 0.00 (0.00 |
21/02/2025
Abu Dhabi's Adnoc raised about Dh10.4 billion ($2.84 billion) from the sale of 3.1 billion shares in Adnoc Gas on "exceptional" demand from Gulf and international institutional investors.
Th
The National
20/02/2025
Saudi Tadawul Group said it's targeting more mergers and acquisitions as it looks to further develop the local capital market and draw in foreign investors.
The owner of the Saudi stock excha
Bloomberg
20/02/2025
In a grand display of community spirit and dedication to sustainability, LuLu Saudi Hypermarket hosted the highly anticipated LuLu Walkathon on Saturday, February 15, 2025, to commemorate Saudi Found
Saudi Gazette
19/02/2025
Commercial Bank has participated in the 'Tawteen' initiative, a nationalisation programme led by the Ministry of Labour (MoL) aimed at empowering Qatari nationals in line with Qatar National Vision 2
Gulf Times
18/02/2025
The Saudi Dairy and Food Products Company participated in the 12th Career Forum at King Abdulaziz University. The event took place from Feb. 2 to 6, under the patronage of Prince Saud bin Mishal bin
Arab News
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