Saudi builder Al Khodari wins $184m university contracts

August 25, 2014 - 9:43:57 am

RIYADH: Major Saudi Arabian construction firm Abdullah Abdul Mohsin Al Khodari Sons Co won three contracts from the Ministry of Higher Education worth a total 689 million riyals ($184 million), it said on Monday.

Al Khodari will build facilities at Taibah University for 374 million riyals and at Northern Borders University for 315 million riyals.

The financial impact of the contracts is expected to begin in the third quarter of 2014.

The contractor reported a 68.8 percent slump in second-quarter net profit last month, due to a sharp escalation in manpower costs. (Reuters)