Abdullah Abdul Mohsen Al Khodari Sons Company has incurred SAR 188.5 million loss from hospital projects withdrawal in Qatif and Ar Rass.
The Saudi firm has withdrawn from the obstetrics and gynaecology hospital project in the governorate of Qatif.
The total cost of Qatif project amounted to SAR 245.4 million, with a capacity of 300 beds, according to the company’s filing to the Saudi Stock Exchange (Tadawul) on Thursday.
Al Khodari also withdrew from the maternity and paediatrics hospital project in Ar Rass, with a total capacity of 200 beds.
The project’s total cost amounted to SAR 313.17 million.
The relevant financial impact will represent SAR 96.82 million, and SAR 91.7 million in losses for both projects, respectively.
The company attributed the withdrawal to its weak cash flows and other related costs of the two projects.