Al-Khodari to incur SAR 188 mln loss from hospital projects withdrawal

16/05/2019 Argaam

Abdullah A. M. Al-Khodari Sons Co. has withdrawn from the obstetrics and gynecology hospital project in Qatif, the company said in a bourse statement.

 

The project was valued at SAR 245.4 million with a capacity of 300 beds.

 

The company also withdrew from the maternity and pediatrics hospital project in Ar Rass valued at SAR 313.17 million, with a 200 bed capacity.

 

The relevant financial impact will represent SAR 96.82 million and SAR 91.7 million in losses for both projects respectively, the statement added.

 

The projects withdrawal was driven by the company's weak cash flows and the projects' other related costs.

 

 In 2013, Al-Khodari had been awarded Qatif hospital project contract for 48 months. Meanwhile, the company bagged the other hospital project in January 2014.

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