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- Aramco CEO among business leaders urged by China's Xi to protect trade as Trump tariffs loom
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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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29/03/2025
China's President Xi Jinping urged a gathering of multinational CEOs on Friday to protect global industry and supply chains, as Beijing seeks to assuage foreign firms' concerns over the Chinese econo
Reuters
28/03/2025
Qatar Islamic Insurance Group convened its Annual General Assembly Meeting for the year 2024, yesterday. The Board proposed to the assembly distribution of cash dividends of 50% of the paid-up capita
The Peninsula
28/03/2025
Sabic, a global leader in diversified chemicals, today (Martch 27) reaffirmed its advocacy for sustainable growth through innovation and collaboration at the Boao Forum for Asia (BFA)'s Annual Confer
Trade Arabia
28/03/2025
AD Ports, a leading facilitator of global trade, logistics, and industry, has announced the signing of a 50- year agreement with Oylz Terminals, a UAE based oil supply and distribution provider to de
Trade Arabia
28/03/2025
Modon Holding, an Abu Dhabi-based holding company, and Elsewedy Industrial Development, one of Egypt's leading integrated industrial and logistics cities developers, have signed a letter of intent (L
Trade Arabia
Financial Information Co.
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