Al Khodari wins $184mn contracts

Saudi giant nets three deals from Ministry of Higher Education

Picture for illustrative purposes only.
Picture for illustrative purposes only.

Saudi Arabian construction firm Abdullah Abdul Mohsin Al Khodari Sons Co has won three contracts from the Ministry of Higher Education worth a total of $184mn (689mn riyals).

Al Khodari will build facilities at Taibah University for 374mn riyals ($99.7mn) and at Northern Borders University for 315mn riyals ($83.9mn)

The financial impact of the contracts is expected to begin in the third quarter of 2014, according to news agency Reuters.

The contractor reported a 68.8% slump in second-quarter net profit last month, due to a sharp escalation in manpower costs.

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