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Al Khodari progressing with $133m rights issue

Firm says it is still planning fundraising after announcing bigger workload

An Al Khodari project at Jazan University
An Al Khodari project at Jazan University

Contractor Al Khodari & Sons has said that it is still in the process of arranging a rights issue supported by advisor GIB Capital with a view to funding new projects.

The company, which initially announced plans to raise up to $133m (SAR500m) through the issue of new shares in November, said it was "still in the process of preparing the file" to apply for the rights issue to Saudi Arabia's Capital Markets Authority as it announced a 57.3% increase in net profit to $26.9m (AED101m).

This was largely due to one-off gains of $20.4m (SAR75m) associated with sales of auctioned-off equipment and increases in rental income.

It added that the amount of new contracts awarded increased by 8% to almost $777m (SAR2.9m). Its end of year backlog was 19% higher at $1.16bn (SAR4.4bn), which it attributed to "strong inflows" of new orders in the building sector.

 

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Sep 01, 2020