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Sunday, 19 March 2017

Light at end of tunnel for Saudi’s contractors, says Al Khodari | The National

Light at end of tunnel for Saudi’s contractors, says Al Khodari | The National:

"Conditions in Saudi Arabia’s contracting market are likely to improve this year but only in the second half, according to the head of a leading construction company in the kingdom. Fawwaz Al Khodari, the chief executive of Al Khodari & Sons, said that his company had experienced "a very, very challenging year in 2016", along with the rest of the Saudi market as the government halted payments for most of the year and held off from awarding new contracts. The Tadawul-listed company won just 214 million Saudi riyals (Dh209.6m) worth of new work during the year – an 86 per cent drop on 2015. It posted a net loss of 118m riyals, compared with a profit of 33.4m in 2015 as revenue declined by 34 per cent to 1.03 billion riyals."



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