Al Khodari reveals 23.1% rise in Q3 profit

Saudi firm recorded $4mn profit in three months to 30 September

NEWS, Business, Abdullah Abdul Mohsin Al-Khodari and Sons, Northern Borders University, Profit, Taibah University

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.

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