Official: Al-Mojil to make profit in 2015, restructuring is priority

A top official at Mohammad Al-Mojil Group expected his company to post annual revenues of around SAR 1.2 billion as of 2015, of which net profit may exceed 15 percent.

The company’s turn to profit depends on a restructuring plan and the company will pursue every possible means to complete it successfully, Chairman Adel Al-Mojil told Okaz newspaper.

On the other hand, the chairman said his company will make SAR 600 million revenues from planned tie-ups with EPC International Contractors Co., thereby the latter will provide skilled labor and construction services to the company.

The group said yesterday it may offload some assets to execute a financial restructuring plan and meet its obligations towards lenders which put a hold on its cash balances of SAR 44 million.