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FINANCIAL NEWS
Saudi Al Khodari reports USD11.8m profit in Q2
22 Jul 2012
(MENAFN) Saudi contractor Abdullah AM Al Khodari Sons Company reported a 4 percent increase in quarterly profits on higher revenue, Arabian Business reported.
The company said it made USD11.8 million net profit during the second quarter, up from USD11.35 million a year earlier.
Al Khodari attributed the increase in its profits to a 53 percent rise in contracting revenues during the quarter to USD37.97 million.
Sales and marketing expenses doubled as a result to a significant increase in bidding activity, Al Khodari said.
The company also noted that its quarterly earnings were affected by higher costs due to the temporary local hire because of delays in block visa approvals.
General and administrative costs rose by 55 percent which included an increase in costs related to meeting new Saudization targets, the company added.
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