The company declared a Dh71.7 million net profit for the period compared to the Dh114.9 million it reported last year. Revenues reached Dh2.353 billion, down 8.3 per cent on last years Dh2.566 billion.
Shares fell 4.2 per cent to Dh1.37 each on the
"Our revenue growth was slightly hindered and our profitability dropped year on year due to the delays on our major projects in KSA. We incurred significant cost overruns in the
Revenues generated by Saudi operations declined 17.5 per cent on last year to Dh1.14 billion. The contribution of revenues from the Iraqi market dropped 29.4 per cent to Dh128.5 million "as the Zubair Field contract Â€¦ nears completion," the company said in a statement.
"The delays in approving large variations on our ongoing projects in
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