Saudi Arabia's Al Khodari slumps to Q2 net loss

The Saudi Arabian construction firm made a net loss of $11.6m (SAR43.34m) in the three months to June 30

A slowdown in the Kingdom's building sector has placed pressure on Khodari's earnings.
A slowdown in the Kingdom's building sector has placed pressure on Khodari's earnings.

Abdullah Abdul Mohsin al-Khodari and Sons has reported a net loss for the second quarter of 2016.

The Saudi Arabian construction outfit made a net loss of $11.6m (SAR43.34m) in the three months to June 30 compared to a profit of $9.29m (SAR34.86m) in the correspending period of the previous year.

A slowdown in the kingdom's building sector placed pressure on the firm's earnings. 

According to Reuters, EFG Hermes had forecast the company would make a net loss of $4.26m (SAR16m) during Q2 2016.

A slowdown in the kingdom's building sector has placed pressure on the firm's earnings.

Khodari cited a 37.4% dip in revenue, partly due to a lower contribution from newly awarded contracts.

A 10% rise in financial charges and a 43.7% drop in other income due to a decrease in sales of used equipment also contributed to the slump.

Most popular

Awards

Deadline approaches for CW Oman Awards 2020 in Muscat
You have until 20 January to submit your nominations for the ninth edition of the

Conferences

CW In Focus | Inside the Leaders in KSA Awards 2019 in Riyadh
Meet the winners in all 10 categories and learn more about Vision 2030 in this
CW In Focus | Leaders in Construction Summit UAE 2019
A roundup of Construction Week's annual summit that was held in Dubai this September

Latest Issue

Construction Week - Issue 765
Jun 29, 2020