AlKhodari expects SAR 37 mln loss on terminating a contract by Ministry of Transport

08/10/2019 Argaam

 

Abdullah A. M. Al-Khodari Sons Co. said it was notified by the Ministry of Transport on Tuesday that the contract to build the Assfan to Axial Road in Al Jouf region has been terminated due to the cancellation of the project from the ministry’s budget.

 

About 2% of the total project value has been billed, while the financial impact of the contract termination is a loss of approximately SAR 36.8 million, the company said in a bourse statement.

 

In June 2015, Al Khodari won a contract to build the Assfan to Axial Road in Jouf, Argaam reported.

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