Abdullah A. M. Al-Khodari Sons Co. is ready to expand and expects to compete for new projects by the first quarter of 2019, now that opportunities are available after the capital hike, CEO Fawaz Al-Khodari told Al Arabiya channel.
According to data compiled by Argaam, the firm’s board of directors has recommended to increase capital by SAR 566 million through issuance of new shares and settlement of outstanding debts owed to vendors and major shareholder Abdullah A.M. Al Khodari Sons Investment Holding Company.
As for collecting outstanding receivable from clients, including government agencies, Al-Khodari said that collection recently improved, especially after a royal decree issued in February ordered an inventory of all delayed payments to the private sector.
Outstanding receivables amount to over SAR 400 million, and government deals account for 90 percent of the firm’s business.
Some agencies have internal issues that delayed referring the due documents to the finance ministry, he added.
Al-Khodari has said that its accumulated losses reached SAR 247 million by the end of June 2018, or 44 percent of capital, compared to SAR 27 million in losses, or 5 percent of capital in March.
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