Major Saudi Arabian construction firm Abdullah Abdul Mohsin Al Khodari Sons Company said it has won three contracts from the Ministry of Higher Education worth a total SR689 million ($184 million).

Al Khodari will build facilities at Taibah University for SR374 million and at Northern Borders University for SR315 million. The financial impact of the contracts is expected to begin in the third quarter of 2014.

The contractor reported a 68.8 per cent slump in second-quarter net profit last month, due to a sharp escalation in manpower costs.-Reuters