Contractor announces quarterly net profit of $9.3m
- Abdullah A M al-Khodari Sons Company sees quarterly profits quadruple
- Equipment sales boost revenues
Saudi construction company Abdullah A M al-Khodari Sons Company has recorded net profit of $9.3m in the second quarter of this year, according to a statement released on the Saudi Stock Exchange (Tadawul).
The companys profits are significantly up, from $2.1m in the same period last year. Abdullah A M al-Khodari Sons Company said it has also sold equipment, which boosted its revenue for the quarter.
In addition, the firm attributed its profit surge to higher margins due to savings on materials and temporary labour costs.
In May, MEED reported that Abdullah A M al-Khodari Sons Company refinanced $403.7m of Islamic loans from three banks. It also secured new financing from Abu Dhabi Commercial Bank (ADCB) worth $61.3m, with the credit agreement expiring on 31 March 2016.
The company renewed existing Islamic credit facilities worth $101m with the local Samba Financial Group. In March, Abdullah A M al-Khodari Sons Company renewed Islamic credit facilities worth $227m with the local Saudi Hollandi Bank It also renewed Islamic credit facilities worth $75m with the local National Commercial Bank, which will expire on 30 September 2015 and has similar terms.
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