Construction firm Mohammad Al Mojil Group (MMG) said on Sunday its chief executive had resigned and it was appointing PricewaterhouseCoopers to advise it on its financial performance.

The contractor said it would replace Ibrahim Zadeh within three months, adding the decision to accept his resignation was taken to "increase operational efficiency and improve financial performance," according to a bourse statement.

The group's first-quarter net profits fell by 31 percent from the same period in 2011 to 22.5 million riyals ($6 million), it said in April. It had a fourth quarter loss of 1.03 billion riyals.

The company said then it was "confident of its ability to continue its business and obtain new projects and provide the necessary funding in a timely manner to meet its obligations".     

On Sunday, MMG said Zadeh submitted his resignation at a board meeting on Saturday, but it did not name a successor.  It added that PwC and an internal committee would conduct a review of the company's performance to raise efficiency and reduce expenses. - Reuters