Saudi Arabia's Mohammad Al Mojil Group said Wednesday its third-quarter net profit plunged 93 percent to 13.9 million Saudi riyals ($3.7 million), from SR203.8 million in the same quarter a year earlier, mainly due to higher costs and lower revenues. Earnings per share for the first nine months of the year fell to SR0.25, from SR4.27 a year earlier. The company, which is primarily involved in the construction, contracting, maintenance and supply of equipment for the petrochemicals, oil and gas industries, posted a 94 percent decline in net income in the second quarter of 2009. Al Mojil Group has signed a SR293.3 million contract with Spanish engineering company Tecnicas Reunidas to build a power plant for Saudi Aramco's oil project in Manifa.
