Al-Khodari to report SAR19.4mn in losses on one project
Al-Khodari Sons (Al-Khodari) has announced that the Ministry of Municipal and Rural Affairs has approved its request to concede its SAR144mn project to construct a building for Al-Taif Municipality to another contractor, namely Moenes Al Shayeb Civil Works (MOBCO). The total value of work executed by Al-Khodari to date total SAR16.5mn, while the total losses expected to be booked amount to SAR19.4mn, which we expect to hit the income statement in 2Q16. We are yet to adjust our 2016 numbers to account for these losses. (Tadawul) Abdullah A. M. Al-Khodari Sons Company: SAR11.81 as of 26 June 2016, Rating: Sell, FV: SAR10.49 per share, MCap: USD167 million, ALKHODAR AB / 1330.SE
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