Al Khodari wins $9.3mn university deal
Company lands second phase of building work at Taibah University
Contractor Abdullah AM Al Khodari has won a contract from the Ministry of Education to work on the second phase of a project to build a new Deanship building at Taibah University.
The firm is already working on the first phase, and said that it will begin to earn from the $9.3mn (SR34.9mn) contract from the current financial quarter.
Al Khodari currently earns around 95% of its revenues from government contracts, but recently announced plans to expand into other areas, including the sale and installation of telecoms and data storage equipment, as well as related software sales.
The company's profits halved to $17.2mn (SR64.3mn) for 2013, which it blamed on higher costs and a fall in non-core income.
However, its backlog of projects grew by $720mn to $980mn.