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Saudi MMG posts USD53.9m losses in H1

24 Jul 2014

(MENAFN) Mohammad Al-Mojil Company (MMG), Saudi contracting giant have considered “multiple material uncertainties” related to the company’s ability to continue as a going concern as the firm continued to rack up heavy losses, Arabian Business reported.

The Dammam-based company’s first half losses grew 446 percent to reach USD53.9 million, compared to USD9.9 million in 2013.

As a result, the firm has “experienced further cash flow difficulties” and a rescue deal announced last month which would have seen two members of the Al Hokair family inject USD147 million in cash and loans.

This news, and the fact that it said it would be unable to complete the sale of its marine business “on the basis previously proposed” has meant its banks have refused to release money in company accounts.

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