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- Lebanon receives preliminary approval to increase World Bank loan to $400m
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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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26/04/2025
Adnoc Distribution, a leading fuel distributor and convenience store operator, has unveiled plans for a major expansion of its electric vehicle (EV) charging infrastructure, increasing its charging p
Trade Arabia
25/04/2025
Saudi Awwal Bank (SAB), one of the leading banks in Saudi Arabia, has signed SR2 billion credit facility agreement with the Saudi Binladin Group, a subsidiary of Binladin International Holding Group,
Saudi Gazette
24/04/2025
The Dubai-based logistics firm Aramex has confirmed a new acting CEO after Othman AlJeda, the incumbent, resigned for personal reasons.
The change at the top comes just weeks after Abu Dhabi
Gulfnews
24/04/2025
The leading UAE banks have put up some sizable growth in their Q1-2025 results, with ADIB's net profit before tax totalling Dh1.9 billion - and that's from an impressive 18% gain year-on-year.
Gulfnews
24/04/2025
Salalah Port has received five modern dual-fuel methanol-powered container vessels from Maersk's fleet, marking a significant milestone in the port's infrastructure development and readiness to accom
Times of Oman
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