Saudi’s Al Khodari Posts Five-Fold Q4 Net Profit Hike, Project Pipeline Grows

Saudi Arabia construction firm Abdullah Abdul Mohsin al-Khodari and Sons reported a five-fold increase in fourth-quarter net profit on Sunday, and announced its project pipeline has also risen significantly.

The company made a profit of SAR45.6 million ($12.2 million) in the three months to Dec. 31, up from SAR8.5 million in the year-earlier period, according to a statement to Riyadh’s bourse.

The result was in line with the forecast of Global Investment House, which expected a quarterly profit of SAR44.3 million.

The company attributed the rise in profit to income received for auctioning used equipment, as well as a 15.9 per cent year-on-year increase in its revenue and lower financing charges.

Khodari’s contract backlog was SAR4.37 billion riyals as of Dec. 31, up from SAR3.68 billion a year earlier, after receiving SAR1.46 billion-worth of work in the fourth quarter this year, the statement added.