Al Khodari reveals 23.1% rise in Q3 profit
Saudi firm recorded $4mn profit in three months to 30 September
Saudi Arabia construction firm Abdullah Abdul Mohsin Al-Khodari and Sons has revealed a 23.1% rise in third-quarter profit.
The company made a profit of SR15mn ($4mn) in the three months to 30 September, up from SR12.19mn ($3.2mn) in the year-earlier period, according to a statement.
The company attributed the rise in profit to a 5.6% increase in revenue and a reduction in general costs and marketing expenditure.
Al-Khodari’s contract backlog was SR3.36bn ($895.6mn) as of 30 September, down from SR3.99bn ($1.06bn) a year earlier, the statement added.
In August it was revealed that the compant won three contracts from the Ministry of Higher Education worth a total of $184mn (SR689mn).
The deals were signed for facilities at Taibah University for SR374mn ($99.7mn) and at Northern Borders University for SR315mn ($83.9mn).
The following month, Al Khodari announced it was moving into the nuclear and solar project sectors.