Saudi construction firm Abdullah Abdul Mohsin Al Khodari and Sons reported a five-fold increase in fourth-quarter net profit on Sunday, and announced its project pipeline has also risen significantly.

The company made a profit of SR45.6 million ($12.2 million) in the three months to December 31, up from SR8.5 million ($2.31 million) in the year-earlier period, according to a statement to Riyadh's bourse.

The result was in line with the forecast of Global Investment House, which expected a quarterly profit of SR44.3 million ($12.05 million).

The company attributed the rise in profit to income received for auctioning used equipment, as well as a 15.9 per cent year-on-year increase in its revenue and lower financing charges.

Khodari's contract backlog was SR4.37 billion ($1.19 billion) as of December 31, up from SR3.68 billion ($1 billion) a year earlier, after receiving SR1.46 billion ($397 million) worth of work in the fourth quarter this year, the statement added.  - Reuters