The losses of Abdullah Abdul-Mohsen Al-Khodari (Al-Khodari) Sons Company increased by 2723.5% during 2018, to about 1.593 billion riyals, compared to losses of about 50.78 million riyals In the year 2017.

According to Arabiya Net, the company announced the financial results for the year ending on December 31, 2018, after their publication was delayed due to reasons related to incomplete documents and documents required to be issued. p>


The company said in a statement to the Saudi Stock Exchange, that the high loss is due to several reasons, including the decrease in revenues by 68.3% to reach 164.68 million riyals in 2018, compared to 519.46 million riyals in 2017, mainly due to the lack of a contribution to the revenues from the sector. Construction and Building for 2018.

she added that the large liquidity challenges led to severe difficulties in implementation, and some projects were canceled and withdrawn by clients and a large part of the remaining work volume was allocated to these contracts to subcontractors with Slowing progress in the remaining construction projects.

The official suspension and cancellation of a number of construction projects and the failure to establish new projects in the operation and maintenance sector (repeat business) in 2018 contributed to the sharp decline in revenues.

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The company announced that it recorded accumulated losses of about 1.833 billion riyals by the end of 2018, representing 328.58% of the capital.

The value of new projects awarded for the year 2018 amounted to about 23.4 million riyals, compared to about 77.07 million riyals in 2017, while the value of late projects amounted to about 391 million riyals, By the end of 2018, compared to 2.56 billion riyals for the year 2017.

The company had announced that the main reasons for the delay in announcing the financial statements are due to incomplete documents and documents due to the power outage that feeds the central server of the company at its previous headquarters, after The collapse of its parking lot building, and thus the inaccessibility of the information saved on the server.

The Sons of Abdullah Abdul Mohsin Al-Khodari Al-Khodari announced the appointment of a consultant office to carry out auditing work with regard to the responsibility of the former board of directors and the previous executive management, in order to complete the work and procedures that Taken by the current management of the company on this matter.

This came after Abdullah Abdul-Mohsen Al-Khodari Al-Khodari Sons Company announced the withdrawal of 10 different projects previously awarded to the company, and their withdrawal was not disclosed at the time. < / p>