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23-01-14

Al-Khodari net profit plunges 69 percent in Q4

(MENAFN) Saudi Arabia's Abdullah AM Al-Khodari Sons Co announced that its net profit dropped 68.9 percent in the fourth quarter, Saudi Gazette reported. The company logged a net profit of USD2.3 million in the quarter, against USD 7.27 million in the corresponding the year before. The company said that drop in profit is due to the increase of manpower costs, which went up 28.4 percent, and an increase in financing costs by 63.8 percent.