Saudi Arabian contractor Abdullah Abdul Mohsin Al Khodari and Sons said it will book a multi-million-riyal loss after it received state permission to reallocate a government contract it won in 2014 to another company.
Saudi Arabian contractor Abdullah Abdul Mohsin Al Khodari and Sons reported a 70.6 per cent drop in first-quarter net profit on Tuesday as it continued to struggle amid a slowdown in the kingdom's construction sector.
Saudi contractor Abdullah A M Al Khodari & Sons (Al Khodari), whose value of government contracts fell by almost half last year, is targeting more private-sector work and deals in the GCC and Africa after cutting 8,000 jobs last year,
A Saudi Arabian university has not signed $84 million in construction contracts agreed last year with Abdullah Al Khodari Sons Company, the builder said on Wednesday, another sign that the oil price slump has forced state spending cut-backs.
Saudi Arabia's Abdullah Abdul Mohsin Al Khodari Sons has withdrawn its application with the Capital Market Authority for a capital increase due to current market conditions, it said in a statement on Monday.
The builder in Nov
Major Saudi Arabian construction firm Abdullah A M Al Khodari Sons expects the government to compensate it for some of the costs of labour reforms, a senior executive said, in a sign authorities aim to cushion the economic impact of the reforms.
Saudi Arabia's Abdullah Abdul Mohsin Al Khodari and Sons said it expects to submit its proposal for a capital increase to the market regulator by the end of the second quarter of this year.
The builder had announced last Novem
Saudi Arabian builder Abdullah Abdul Mohsin Al Khodari and Sons said on Sunday it had signed a contract worth SR313.2 million ($83.5 million) with the Ministry of Health for the construction of a hospital in the kingdom.
Saudi Arabian builder Abdullah Abdul Mohsin Al-Khodari and Sons said on Thursday it had been awarded a $170 million contract from a unit of Saudi Arabian Mining Co (Ma'aden).
The contract with Ma'aden Waad Al Shamal Phosph
Saudi construction firm Abdullah Abdul Mohsin Al Khodari and Sons has won a SR1.35-billion ($359.7 million) contract from the government for the construction of staff housing at King Khaled University, it said in a statement on Thursday.