DUBAI: Saudi Arabia 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 Dec. 31, up from SR8.5 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.

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

Al-Khodari's contract backlog was SR4.37 billion as of Dec. 31, up from SR3.68 billion a year earlier, after receiving SR1.46 billion-worth of work in the fourth quarter this year, the statement added.