Al-Khodari Chief: Rising hiring cost takes toll on profit

21/06/2014 Argaam

A top official at Abdullah Abdul Mohsen Al-Khodari Sons said his company’s net profit shrank by 69 percent in the second quarter on rising cost of hiring formalities.

Al-Khodari posted a net profit of SAR 7.9 million in the second quarter, 69 percent lower than last year (0.15 riyal earnings per share), CEO Fawwaz Abdullah Al-Khodari told Al-Arabiya TV.

The company incurs SAR 12 million for issuing work permits and ten millions as visa costs for its 5000 staff.

The company was awarded projects worth over SAR 2.7 billion, he said. 

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