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Saudi’s Khodari Profit Slumps 68.8%, Widely Misses Forecasts

Saudi’s Khodari Profit Slumps 68.8%, Widely Misses Forecasts

Net profit fell to SAR7.91 million ($2.1 million) in the three months to June 30 from SAR25.38 million a year earlier, the company said in a statement.

Major Saudi Arabian construction firm Abdullah Abdul Mohsin Al Khodari Sons Co reported a 68.8 per cent slump in second-quarter net profit on Sunday, falling well below analysts’ forecasts as manpower costs surged.

Net profit fell to SAR7.91 million ($2.1 million) in the three months to June 30 from SAR25.38 million a year earlier, it said in a statement.

Al Khodari blamed cost swings for a drop in net profit. Its manpower costs jumped by SAR23.4 million as it hired an additional 5,931 employees in the three months, compared to the year-earlier period.

Three analysts polled by Reuters had forecast, on average, that Khodari would record net profit of SAR14.23 million in the quarter.

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