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FINANCIAL NEWS
Saudi Khodari Group net profit falls 70.6 percent
19 Apr 2016
(MENAFN) Saudi Arabian dealer Khodari Group posted a 70.6 percent drop in Q1 net profit, as it continued to suffer among slowdown in the Kingdom’s construction sector.
Additionally, the firm made a profit of USD 1.10mn in the cited quarter, down from USD 3.72mn in the same period of last year.
Moreover, the company cited a 16.4 percent fall in revenue for the profit decline as well as a drop in its local margin.
The firm obtained USD 4.31mn of new deal awards in the first quarter, down from USD 0.29bn in the corresponding period of 2015.
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