Riyadh – Mubasher: Abdullah Abdul Mohsen Al Khodari Sons on Tuesday posted a net profit of SAR 4.1 million ($1.09 million) for the first three months of the year, down 71% from SAR 13.97 million ($3.72 million) achieved in the same period in 2015.
Profits were down on a 16.38% or SAR 72.87 million drop in revenues during Q1-16 added to a 5.14% decline in total profit margin due to increased costs in some construction projects as opposed to their previous estimates, according to a bourse filing.
Total backlog for the company reached SAR 3.51 billion by the end of Q1-16, compared to SAR 5.027 billion in Q1-15.
New awards totalled SAR 16.2 million in the period ended 31 March 2016 compared to SAR 1.09 billion in the corresponding period last year, Al Khodari noted, highlighting that the sharp decline was due to a significant slowdown in available projects compared to pre-2015 years.
