Abdullah Khodari signs $12.8mn stormwater contract
Saudi contractor working for Riyadh Municipality
Saudi Arabian contractor Abdullah A. M. Al-Khodari Sons Company has signed a SAR52mn ($12.8mn) contract with the Ministry of Municipal & Rural Affairs (Riyadh Municipality) to build stormwater drainage channels and networks
The work is schedueld to take 540 days to complete.
The financial impact of this project is expected to start in the second quarter of the financial year 2014.
In February, the firm reported that its profits more than halved in 2013 to $17.2mn (SR64.3mn), blaming the decrease on higher costs, which rose by around 15%, and a fall in non-core income.