Troubled Al Mojil halves Q4 net losses

By Reuters
  • Saturday, 2 February 2013 3:44 PM
  • Share via facebook
  • Tweet this
  • Bookmark and Share
(Image for illustrative purposes)

(Image for illustrative purposes)

Financially troubled Saudi construction company Mohammed al-Mojil Group halved its fourth-quarter net loss on the year to SR526.1m ($140.29m), it said on Saturday.

The drop in the fourth quarter net loss was due to a decline in provisions the company took against an expected increase in the cost of completing projects by SR140.1m, it said in a statement.

Its fourth-quarter 2011 loss was SR1.18bn.

In November, shareholders in MMG rejected the idea of liquidating the company, which is involved in oil and gas projects, mainly for state oil company Saudi Aramco.

The company's recovery plan includes asset sales, cutting bank debt and absorbing accumulated losses.

In January, MMG said it plans to start legal action to collect dues and claims worth more than SR400m.

Related:

Stories

Saudi's Al Mojil Group to sue for $107m

Al-Mojil Group appoints chairman of new board

Saudi Mojil Group says shareholders reject liquidation

Troubled Saudi Al-Mojil Group extends losses

Saudi Mojil Group eyes break up as losses pile up

Companies

Mohammad Al Mojil Group

Market Performance

Mohammad Al Mojil Group
12.55
0.0 0.0 (%)
Enlarge graph

Also in Construction

Dubai's Drake & Scull mulls Saudi bourse listing

Developer tops out major Al Ain development project

Also in Saudi Arabia

Bahrain's Investcorp buys stake in Saudi oil firm

Four more die from MERS virus in Saudi Arabia

Join the Discussion

Disclaimer:The view expressed here by our readers are not necessarily shared by Arabian Business, its employees, sponsors or its advertisers.

Please post responsibly. Commenter Rules

  • No comments yet, be the first!

Enter the words above: Enter the numbers you hear:

All comments are subject to approval before appearingTerms and conditions

Further reading

Get E-Mail Alerts
Get E-Mail Alerts
Get E-Mail Alerts

Arabian Business Power 500 2013 - Top 5 from Lebanon »

Charles Elachi  Joe Jamail  Elie Saab  Elie Khouri  Joseph Ghossoub 
View complete list
Features & Analysis
Labour Fray

Labour Fray

A strike involving hundreds of workers at construction giant...

1
Managing Qatar's growth ambitions

Managing Qatar's growth ambitions

Qatar is finding that its vast wealth alone is insufficient to...

The world's most influential Arabs: Power defined

The world's most influential Arabs: Power defined

Putting together a list of the world’s most powerful Arabs is...

Most Popular
Most Discussed
Read all user comments »
  • 27
    Female UAE expats face new visa curbs

    @anguilla: Kalba town is part of the Sharjah Emirate.
    along with khor fakkan and dibba al hisn.
    http://en.wikipedia.org/wiki/Sharjah_%28emirate... more

    Friday, 14 June 2013 6:23 PM - omar faris
  • 25
    Saudi Arabia to rehire Indian maids on lower wages

    It's typical and pretty sad that people here only blame the Saudis. What these people seem to forget is that Indian institutions and contractors are the... more

    Monday, 17 June 2013 9:06 AM - narendramodi
  • 14
    Saudi's Grand Mufti vents against horse statues

    I am wondering why this article is being published here? it is really useless. anyway, I in certain ways agree with the Mufti. god bless Saudi Arabia more

    Tuesday, 18 June 2013 9:27 AM - Faisal
Read all user comments »
  • 56
    Are there too many Brits in the UAE?

    @ Henry, enough of whining, the host country does not need you, it is your employer that needs your services and you know well enough that you can be made... more

    Saturday, 1 June 2013 11:32 AM - Zain
  • 37
    Rights group urges UAE not to deport strikers

    Organizations like HRW, Green peace, ILO, UNHCR are so self serving that it is amazing they still exist! they spend 60/70 percent of their budgets (meant... more

    Thursday, 30 May 2013 7:53 PM - Navin
  • 28
    Bahrain MPs vote to ban pork in kingdom

    If one wants to visit or live in Bahrain one must abide by the laws. Living without pork is no huge sacrifice. Muslim and Jewish nations subscribe to this... more

    Saturday, 25 May 2013 6:05 PM - Jeffrey Kershaw
Read all user comments »