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Saudi’s Al Khodari Q3 Net Profit Rises 23.1%

Saudi’s Al Khodari Q3 Net Profit Rises 23.1%

The firm attributed the rise to a 5.6 per cent rise in revenue and a reduction in costs and marketing expenditure.

Saudi Arabia construction firm Abdullah Abdul Mohsin al-Khodari and Sons reported a 23.1 per cent rise in third-quarter profit on Sunday, in line with analysts’ estimates.

The company made a profit of SAR15 million ($4 million) in the three months to Sept. 30, up from SAR12.19 million in the year-earlier period, according to a statement to Riyadh’s bourse.

Two analysts polled by Reuters forecast al-Khodari would make a quarterly profit of between SAR14.8 million and SAR15 million.

The company attributed the rise in profit to a 5.6 per cent increase in revenue and a reduction in general costs and marketing expenditure.

Al-Khodari’s contract backlog was SAR3.36 billion as of Sept. 30, down from SAR3.99 billion a year earlier, the statement added.

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