Riyadh – Mubasher: Abdullah Abdul Mohsen Al Khodari Sons on Wednesday has reported net losses in the first quarter of 2017, against profits in the same quarter of 2016, according to the company’s statement to the Saudi Stock Exchange (Tadawul).
The company suffered net losses of SAR 17.76 million in Q1-17, against net profits of SAR 2.19 million in Q1-16.
The losses were mainly attributed to slow progress in ongoing projects, decline in new project awards, significant liquidity challenges facing the contracting industry due to delayed payments, and extended slowdown in the construction sector.
Quarter-on-quarter, net losses increased 46.2% in Q1-17, compared to Q4-16, the statement showed.
Revenues declined 50% to SAR 194 million in Q1-17, compared to SAR 390.3 million in the same period in 2016.
