Riyadh – Mubasher: Abdullah Abdul Mohsen Al Khodari Sons’ losses rose 32.7% to SAR 32.1 million ($8.57 million) in the fourth quarter of 2016, compared to SAR 1.04 million ($227,000) in the same quarter of 2015.
Losses were mainly attributed to the decrease in revenues by 48% due to slow progress on the ongoing projects, decline in new project awards and extended slowdown in the construction sector in addition to the increase in zakat expenses, according to a bourse filing on Thursday.
The Saudi-listed company recorded a loss of SAR 119.13 million in the twelve months of 2016 against SAR 33.5 million net profits in the year-ago period.
The reason for the loss in 2016 was due to lower revenue by 34%, higher financial charges and Zakat expense, the statement said.
