Al-Khodari has announced that it estimates the amount of delayed work as of end of September to be SAR362mn, representing 12% of the company’s backlog as of the same date. Management attributed the delays to: i) excessive delays in issuance of visas; ii) delays in appointing a consultant; iii) delays in reviewing/processing the invoices; iv) delays in payment of approved invoices; v) design changes; vi) delays in approving variation orders; and vii) execution frozen by clients due to insufficient liquidity. We note that Al-Khodari’s revenue had fallen 30% Y-o-Y in 9M16 (EFGe: -32% Y-o-Y in 2016e), on rising execution issues and weak inflow of new awards since 2Q15. (Tadawul, Mai Attia, Sara Boutros)    Abdullah A. M. Al-Khodari Sons Company: SAR9.90 as of 23 November 2016, Rating: Sell, FV: SAR6.55 per share, MCap: USD147mn, ALKHODAR AB / 1330.SE