DUBAI: Major Saudi Arabian construction firm Abdullah Abdul Mohsin Al Khodari Sons Co reported a 68.8 percent slump in second-quarter net profit yesterday, falling well below analysts’ forecasts as manpower costs surged.
Net profit fell to SR7.91m in the three months to June 30 from SR25.38m a year earlier. Al Khodari blamed cost swings for a drop in net profit. Its manpower costs jumped by SR23.4m as it hired an additional 5,931 employees in the three months, compared to the year-earlier period. Analysts polled had forecast, on average, that Khodari would record net profit of SR14.23m in the quarter. Reuters
