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Wednesday, 10 May 2017

MIDEAST STOCKS-Two major Saudi companies diverge on Q1 results amid quiet region | Reuters

MIDEAST STOCKS-Two major Saudi companies diverge on Q1 results amid quiet region | Reuters:

"Shares in Saudi Arabian construction firm Al Khodari fell 4.3 percent to percent to 11.00 riyals in the first 10 minutes of trade on Wednesday after the company reported a first-quarter loss. Al Khodari, which has ongoing projects with the government, made a net loss of 17.8 million riyals against a net profit of 2.2 million riyals in same period last year. Al Khodari attributed the poor results to a 50 percent decline in revenue, slow progress on ongoing projects, a decline in new project awards and liquidity challenges in the industry as a whole."



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