Analysts have been waiting for Mohammad Al-Mojil to turn around, but with over-budget contracts and widening losses, this company is expected to run a rocky course for a while longer.
The dearth of analysts who cover Al-Mojil, a Saudi Arabian construction services provider, gives some indication of how prized, or disliked, this stock currently is.
Haissam Arabi, the chief executive at Gulfmena Investments in Dubai, said his company looked at the stock but found nothing inviting about it. "We just weren't sure it qualified as a turnaround story," Mr Arabi said. "It's not a stock a lot of people are playing with."This week, the company was fined 50,000 Saudi riyals for the late disclosure of its results for last year.
Al-Mojil's net loss for the year was 959.4 million riyals compared with a loss of 179.5m riyals a year earlier, a difference of 434 per cent. The company's loss in the fourth quarter alone was up 380 per cent compared with 2010.
Shareholders have taken a hit as a result. Loss per share for the 12-month period was 7.68 riyals compared with a loss per share of 1.44 riyals for the same period in 2010. Al-Mojil is also carrying significantly more debt this year. Short-term borrowing jumped from 490m riyals in 2010 to 1.2 billion riyals last year. Long-term borrowing also increased, from 25m riyals to 165m in the course of last year. In addition, the company's margins are being squeezed. They narrowed 10 per cent last year.
All of this results in an inverted pyramid heavy with obligations at the top and balanced on a limited-contract base. The company has relied on the state-owned Saudi Arabian Oil Company for construction contracts.
Those contracts it does have are not going well. Projects are running over budget, according to a review by the company. The stock has dropped 28.6 per cent so far this year after gaining 29 per cent last year. By comparison, the Tadawul All-Share Building & Construction Index is up 11 per cent since the start of the year.
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In numbers: PKK’s money network in Europe
Germany: PKK collectors typically bring in $18 million in cash a year – amount has trebled since 2010
Revolutionary tax: Investigators say about $2 million a year raised from ‘tax collection’ around Marseille
Extortion: Gunman convicted in 2023 of demanding $10,000 from Kurdish businessman in Stockholm
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Defining head lice
Pediculus humanus capitis are tiny wingless insects that feed on blood from the human scalp. The adult head louse is up to 3mm long, has six legs, and is tan to greyish-white in colour. The female lives up to four weeks and, once mature, can lay up to 10 eggs per day. These tiny nits firmly attach to the base of the hair shaft, get incubated by body heat and hatch in eight days or so.
Identifying lice
Lice can be identified by itching or a tickling sensation of something moving within the hair. One can confirm that a person has lice by looking closely through the hair and scalp for nits, nymphs or lice. Head lice are most frequently located behind the ears and near the neckline.
Treating lice at home
Head lice must be treated as soon as they are spotted. Start by checking everyone in the family for them, then follow these steps. Remove and wash all clothing and bedding with hot water. Apply medicine according to the label instructions. If some live lice are still found eight to 12 hours after treatment, but are moving more slowly than before, do not re-treat. Comb dead and remaining live lice out of the hair using a fine-toothed comb.
After the initial treatment, check for, comb and remove nits and lice from hair every two to three days. Soak combs and brushes in hot water for 10 minutes.Vacuum the floor and furniture, particularly where the infested person sat or lay.
Courtesy Dr Vishal Rajmal Mehta, specialist paediatrics, RAK Hospital
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