Quotes: MENA   Enter Symbol: NewsLetter: Search: advanced

Saudi MMG posts USD53.9m losses in H1  Join our daily free Newsletter

MENAFN - 24/07/2014
No. of Ratings : 0
Add to Mixx!

(MENAFN) Mohammad Al-Mojil Company (MMG), Saudi contracting giant have considered "multiple material uncertainties" related to the company's ability to continue as a going concern as the firm continued to rack up heavy losses, Arabian Business reported.

The Dammam-based company's first half losses grew 446 percent to reach USD53.9 million, compared to USD9.9 million in 2013.

As a result, t firm has "experienced further cash flow difficulties" and a rescue deal announced last month which would have seen two members of the Al Hokair family inject USD147 million in cash and loans.

This news, and the fact that it said it would be unable to complete the sale of its marine business "on the basis previously proposed" has meant its banks have refused to release money in company accounts.



  MENA News Headlines
 Oct 27 2016 -  Pakistan's Habib Bank marks 75 years aims to build on long historyMuscat Daily
(MENAFN - Muscat Daily) Muscat- Pakistan's first and largest bank, Habib Bank Limited (HBL), celebrated its 75th anniversary at Al Falaj Hotel on Wednesday. HBL was formed in 1941 and has ...

 Oct 27 2016 - SAF Chief of Staff receives British military officialMuscat Daily
(MENAFN - Muscat Daily) Muscat- Lt Gen Ahmed bin Harith al Nabhani, Chief of Staff of the Sultan's Armed Forces (SAF) received on Wednesday Maj Gen Stuart Skeates, Standing Joint Force Commander of ...

 Oct 27 2016 -  UAE Deputy Prime Minister arrives in MuscatMuscat Daily
(MENAFN - Muscat Daily) Muscat- Sheikh Mansour bin Zayed al Nahyan, UAE Deputy Prime Minister and Minister of Presidential Affairs, arrived on a two-day visit to the Sultanate. He was received ...

 Oct 27 2016 - Oman- Phase two of Tanfeedh ends results to be made public from Nov 20-22Muscat Daily
(MENAFN - Muscat Daily) Muscat- Tanfeedh participants on Wednesday completed six weeks of hardwork to create a draft roadmap of Oman's economic diversification strategy. Participants gathered at ...

 Oct 27 2016 - Eight Omanis to embark on a 20,000km road trip to Rwanda and TanzaniaMuscat Daily
(MENAFN - Muscat Daily) Muscat- A group of eight Omanis will begin a journey to retrace Oman's historical and cultural roots in Africa by driving from Muscat to Kigali in Rwanda and then Dar es ...

 Oct 27 2016 -  HEAD-TO-HEAD-TO-HEAD: PS4 Pro vs Xbox 'Project Scorpio' vs Nintendo SwitchKhaleej Times
(MENAFN - Khaleej Times) Remember this article? While it only discussed Nintendo's console history, it was a bit gratifying that I was able to use words like "party", "rumble" and "brawl" to ...

 Oct 27 2016 - After Note 7, now Samsung's Galaxy S7 Edge explodes in USKhaleej Times
(MENAFN - Khaleej Times) After the Note 7 fiasco, a Samsung Galaxy S7 Edge owner in the US has claimed that the device which he received as a replacement for the Note 7 exploded while charging. ...

 Oct 27 2016 -  527 South Koreans sue Samsung over Note7 recallKhaleej Times
(MENAFN - Khaleej Times) Hundreds of South Korean Galaxy Note 7 smartphone owners filed a lawsuit against Samsung Electronics on Monday over its handling of the fire-prone device. Attorney Peter ...

 Oct 27 2016 - Blurring effect comes to iPhone 7 Plus with software updateKhaleej Times
(MENAFN - Khaleej Times) Apple's iPhone 7 Plus is getting a new camera capability - the blurring of backgrounds to focus attention on people or other objects in the foreground. Apple first ...

 Oct 27 2016 -  WhatsApp now has video calling but...Khaleej Times
(MENAFN - Khaleej Times) After giving WhatsApp that Snapchat feel, Facebook has rolled out a new feature to the world's most-used messaging app: video calling. And we were more than happy to check ...





Middle East North Africa - Financial Network

MENAFN News Market Data Countries Tools Section  

Middle East North Africa - Financial Network

Main News
News By Industry
News By Country

Search News
Market Indices
Quotes & Charts

Global Indices
Arab Indices


Oil & Energy

Currencies Cross Rates
Currencies Updates
Currency Converter

USA Stocks
Arab Stocks

Saudi Arabia 

Economic Calendar
Financial Glossary

Financial Calculators

RSS Feeds [XML]

Corporate Monitor


Real Estate
Submit Your Property

Arab Research
Buy a Research

Press Releases
Submit your PR

Join Newsletters

© 2014 menafn.com All Rights Reserved.  Terms of Service | Privacy Policy | Contact Us | Advertise | About MENAFN | Career Opportunities | Feedback | Help