Saudi builder Al-Khodari puts value of delayed work at SR362 million

23/11/2016 05:06 AST

Saudi Arabian construction firm Abdullah Abdul Mohsin Al-Khodari and Sons said on Tuesday that projects worth SR362.2 million ($97 million) had been delayed due to factors ranging from clients' funding shortages to slow visa issuance.

Al-Khodari, which last month reported a wider third-quarter net loss, said its total project backlog was SR3.01 billion by Sept. 30. That compared to SR4.67 billion at the same point of 2015. The firm, a builder of housing and infrastructure, said its total contract value was SR7.78 billion.

Delays built up when issuing visas, appointing consultants and making changes to designs, it said. Delays in the review and processing of invoices and work stoppages due to lack of money were also to blame.

Signs that the backlog of payments owed to contractors might be easing have emerged, with Fahad Al-Hammadi, chief of the National Contractors' Committee at the Council of Saudi Chambers, saying that construction firms had received SR40 billion in the past two weeks, representing 25 percent of money owed to them by various government agencies.

Fawwaz Al-Khodari, CEO of Khodari, told Al Arabiya television recently that 10 to 15 percent of the SR500 million it was owed by the government had been paid.

He expressed optimism that the company would receive 40 to 45 percent of the total outstanding dues by the end of the year in the best case scenario.


Arab News

News

Al-Khodari suffers SR43.34m Q2 loss

27/07/2016

Saudi Arabian construction firm Abdullah Abdul Mohsin Al-Khodari and Sons said on Tuesday it swung to a net loss in the second quarter as earnings were pressured once again by a slowdown in the Kingd

Arab News

Saudi contractor Khodari swings to Q4 loss

20/01/2016

Saudi Arabian construction firm Abdullah Abdul Mohsin Al Khodari and Sons on Tuesday said it had swung to a fourth-quarter net loss as margins and revenue fell and financial charges increased.

Trade Arabia

Al Khodari says energy price hikes will raise its costs

04/01/2016

Saudi Arabia's Abdullah Abdul Mohsin Al-Khodari and Sons on Sunday forecast changes to the kingdom's electricity and energy prices would raise its costs by SR44.3 million ($11.81 million) between 20

Saudi Gazette

Most Viewed Companies

Ticker Price Volume

Momentum

Relative Strength
  • 1-Month
  • 3-Month
  • 1-Year
Volume Change
  • 10D Avg Vs 90D Avg
Price Vs…
  • 52-w high
  • 50-day moving avg.
  • 200-Day Moving Avg

Top Related Companies

Ticker Price Change
ALMUTAHED 0.00 0.00 (0.00%)
ALMAL 0.00 0.00 (0.00%)
ALAMAN 0.00 0.00 (0.00%)
MASSALEH 0.00 0.00 (0.00%)
INVESTORS 0.00 0.00 (0.00%)

Recent News

Kuwait Airways to operate 728 weekly flights across 58 destinations in June

25/05/2026

Kuwait Airways will operate around 728 weekly flights to 58 global destinations in June, following approvals from relevant authorities, Acting CEO Abdulwahab Al-Shatti said.

According to Kuw

Gulfnews

FAB mobilises $103.74bn in sustainable and transition finance

25/05/2026

First Abu Dhabi Bank (FAB), the UAE's global bank and one of the world's largest financial institutions, facilitated AED381 billion ($103.74 billion) in sustainable and transition finance between 202

Trade Arabia

Oman Fisheries board quits over liquidity crisis

25/05/2026

Oman Fisheries Company has announced the collective resignation of its board of directors and called for an extraordinary general meeting, citing an acute and irreversible liquidity crisis that has l

Muscat Daily

Shurooq, Sanam to develop new K-12 school in Sharjah

25/05/2026

The Sharjah Investment and Development Authority (Shurooq) has announced that it has signed an agreement with Sanam Group's education platform to develop a new K-12 school in the emirate.

Th

Trade Arabia

ADIB, DAMAC ease path to homeownership with new finance solution

25/05/2026

Abu Dhabi Islamic Bank (ADIB), a leading Islamic financial institution, and DAMAC Properties, a leading private real estate developer in the Middle East, have launched a landmark home financing plan

Trade Arabia

logo

Financial Information Co.

Saudi Arabia

GCC Markets

Mutual Funds

News

Investment Tools

Sector News

Screeners

Indices & Commodities

Downloads

Copyright ©2001 - 2025, Financial Information Co. All Rights Reserved.

Terms of Services | Privacy Policy | Advertise with us | Contact Us | Sitemap