Makkah Construction posts 16% profit increase in 6M

26/08/2019 Argaam Exclusive

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Makkah Construction and Development Co.’s net profit after zakat and tax rose 16.4 percent year-on-year (YoY) to SAR 135 million for the six months ending July 3, 2019, driven by writing back credit loss provisions.

Financials (M)

Item	6m 2018	6m 2019	Change‬
Revenues	258.84	245.93	(5.0 %)
Gross Income	149.18	140.08	(6.1 %)
Operating Income	140.40	130.53	(7.0 %)
Net Income	116.01	134.87	16.3 %
Average Shares	164.82	164.82	-
EPS (Riyals)	0.70	0.82	16.3 %

Q2 2019 net profit after zakat and tax increased by 24.3 percent YoY to SAR 87 million, on excluding zakat provisions set aside in a year-earlier period, in addition to writing back credit loss provisions.

When compared to the previous quarter, net profit surged 81.25 percent, due to higher occupancy rates in Shabaan and Ramadan months.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2018	Q2 2019	Change‬
Revenues	159.64	150.12	(6.0 %)
Gross Income	99.15	92.62	(6.6 %)
Operating Income	92.60	86.42	(6.7 %)
Net Income	70.09	87.19	24.4 %
Average Shares	164.82	164.82	-
EPS (Riyals)	0.43	0.53	24.4 %

Item	Q1 2019	Q2 2019	Change‬
Revenues	95.82	150.12	56.7 %
Gross Income	47.45	92.62	95.2 %
Operating Income	44.11	86.42	95.9 %
Net Income	47.68	87.19	82.8 %
Average Shares	164.82	164.82	-
EPS (Riyals)	0.29	0.53	82.8 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2010	58.34	(5.5 %)	47.75	(3.8 %)	42.51	(8.3 %)	0.26
Q2 2010	133.53	60.0 %	120.46	69.6 %	118.91	79.4 %	0.72
Q3 2010	82.18	25.4 %	69.50	27.8 %	62.81	26.8 %	0.38
Q4 2010	71.89	5.8 %	62.15	8.5 %	59.65	13.7 %	0.36
2010	345.93	24.2 %	299.86	29.1 %	283.88	33.1 %	1.72
Q1 2011	68.12	16.8 %	57.03	19.4 %	48.10	13.2 %	0.29
Q2 2011	146.17	9.5 %	133.66	11.0 %	128.41	8.0 %	0.78
Q3 2011	90.15	9.7 %	79.11	13.8 %	70.69	12.5 %	0.43
Q4 2011	85.01	18.3 %	72.98	17.4 %	75.35	26.3 %	0.46
2011	389.45	12.6 %	342.78	14.3 %	322.55	13.6 %	1.96
Q1 2012	79.41	16.6 %	69.12	21.2 %	62.33	29.6 %	0.38
Q2 2012	154.36	5.6 %	141.41	5.8 %	127.16	(1.0 %)	0.77
Q3 2012	124.77	38.4 %	111.22	40.6 %	103.28	46.1 %	0.63
Q4 2012	96.94	14.0 %	85.19	16.7 %	86.29	14.5 %	0.52
2012	455.47	17.0 %	406.94	18.7 %	379.06	17.5 %	2.30
Q1 2013	83.43	5.1 %	71.14	2.9 %	63.97	2.6 %	0.39
Q2 2013	132.56	(14.1 %)	118.07	(16.5 %)	110.72	(12.9 %)	0.67
Q3 2013	102.59	(17.8 %)	88.54	(20.4 %)	77.54	(24.9 %)	0.47
Q4 2013	96.12	(0.8 %)	79.45	(6.7 %)	71.84	(16.7 %)	0.44
2013	414.70	(9.0 %)	357.19	(12.2 %)	324.07	(14.5 %)	1.97
Q1 2014	78.58	(5.8 %)	64.84	(8.9 %)	58.99	(7.8 %)	0.36
Q2 2014	122.97	(7.2 %)	106.51	(9.8 %)	97.01	(12.4 %)	0.59
Q3 2014	105.54	2.9 %	90.17	1.8 %	84.70	9.2 %	0.51
Q4 2014	107.98	12.3 %	94.00	18.3 %	86.39	20.3 %	0.52
2014	414.89	0.0 %	355.32	(0.5 %)	326.91	0.9 %	1.98
Q1 2015	71.56	(8.9 %)	57.36	(11.5 %)	52.54	(10.9 %)	0.32
Q2 2015	129.46	5.3 %	114.91	7.9 %	106.56	9.8 %	0.65
Q3 2015	103.94	(1.5 %)	88.35	(2.0 %)	82.69	(2.4 %)	0.50
Q4 2015	93.71	(13.2 %)	80.75	(14.1 %)	68.85	(20.3 %)	0.42
2015	398.67	(3.9 %)	341.37	(3.9 %)	310.65	(5.0 %)	1.88
Q1 2016	117.49	64.2 %	62.04	8.2 %	56.19	6.9 %	0.34
Q2 2016	199.92	54.4 %	126.14	9.8 %	113.75	6.7 %	0.69
Q3 2016	152.45	46.7 %	83.46	(5.5 %)	74.18	(10.3 %)	0.45
Q4 2016	128.84	37.5 %	67.59	(16.3 %)	54.43	(20.9 %)	0.33
2016	598.70	50.2 %	339.23	(0.6 %)	298.55	(3.9 %)	1.81
Q1 2017	115.09	(2.0 %)	60.40	(2.7 %)	56.05	(0.2 %)	0.34
Q2 2017	191.35	(4.3 %)	114.09	(9.5 %)	106.38	(6.5 %)	0.65
Q3 2017	148.76	(2.4 %)	84.31	1.0 %	78.25	5.5 %	0.47
Q4 2017	108.17	(16.0 %)	49.98	(26.0 %)	23.20	(57.4 %)	0.14
2017	563.36	(5.9 %)	308.78	(9.0 %)	263.89	(11.6 %)	1.60
Q1 2018	99.29	(13.7 %)	50.03	(17.2 %)	46.61	(16.9 %)	0.28
Q2 2018	159.64	(16.6 %)	99.15	(13.1 %)	70.09	(34.1 %)	0.43
Q3 2018	143.71	(3.4 %)	87.68	4.0 %	82.46	5.4 %	0.50
Q4 2018	146.13	35.1 %	102.21	104.5 %	84.31	263.3 %	0.51
2018	548.67	(2.6 %)	339.06	9.8 %	282.78	7.2 %	1.72
Q1 2019	95.82	(3.5 %)	47.45	(5.2 %)	47.68	2.3 %	0.29
Q2 2019	150.12	(6.0 %)	92.62	(6.6 %)	87.19	24.4 %	0.53

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2009	278.64	(4.2 %)	232.34	(4.5 %)	213.29	(4.0 %)	1.29
2010	345.93	24.2 %	299.86	29.1 %	283.88	33.1 %	1.72
2011	389.45	12.6 %	342.78	14.3 %	322.55	13.6 %	1.96
2012	455.47	17.0 %	406.94	18.7 %	379.06	17.5 %	2.30
2013	414.70	(9.0 %)	357.19	(12.2 %)	324.07	(14.5 %)	1.97
2014	414.89	0.0 %	355.32	(0.5 %)	326.91	0.9 %	1.98
2015	398.67	(3.9 %)	341.37	(3.9 %)	310.65	(5.0 %)	1.88
2016	598.70	50.2 %	339.23	(0.6 %)	298.55	(3.9 %)	1.81
2017	563.36	(5.9 %)	308.78	(9.0 %)	263.89	(11.6 %)	1.60
2018	548.67	(2.6 %)	339.06	9.8 %	282.78	7.2 %	1.72

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	83.72 %	89.12 %	76.59 %
Q2 2010	86.03 %	90.79 %	80.98 %
Q3 2010	86.26 %	90.58 %	80.91 %
Q4 2010	86.68 %	90.61 %	80.65 %
2010	86.68 %	90.61 %	80.64 %
Q1 2011	86.91 %	89.98 %	80.00 %
Q2 2011	87.51 %	90.18 %	79.83 %
Q3 2011	88.21 %	90.81 %	80.23 %
Q4 2011	88.01 %	90.84 %	82.82 %
2011	88.01 %	90.84 %	82.82 %
Q1 2012	88.55 %	91.98 %	84.04 %
Q2 2012	88.67 %	91.04 %	82.05 %
Q3 2012	88.99 %	91.37 %	83.00 %
Q4 2012	89.34 %	91.20 %	83.22 %
2012	89.34 %	91.20 %	83.22 %
Q1 2013	89.00 %	90.34 %	82.85 %
Q2 2013	88.10 %	90.24 %	83.22 %
Q3 2013	87.34 %	89.23 %	81.47 %
Q4 2013	86.13 %	89.42 %	78.15 %
2013	86.13 %	89.42 %	78.15 %
Q1 2014	85.62 %	89.86 %	77.85 %
Q2 2014	84.78 %	89.40 %	76.29 %
Q3 2014	84.56 %	89.94 %	77.51 %
Q4 2014	85.65 %	90.13 %	78.80 %
2014	85.64 %	90.13 %	78.79 %
Q1 2015	85.29 %	89.74 %	78.58 %
Q2 2015	85.98 %	90.35 %	79.65 %
Q3 2015	85.88 %	90.11 %	79.48 %
Q4 2015	85.63 %	88.72 %	77.92 %
2015	85.63 %	88.72 %	77.92 %
Q1 2016	77.84 %	79.89 %	70.69 %
Q2 2016	69.37 %	70.49 %	62.42 %
Q3 2016	62.53 %	63.90 %	55.53 %
Q4 2016	56.66 %	57.94 %	49.87 %
2016	56.66 %	57.94 %	49.87 %
Q1 2017	56.61 %	58.28 %	50.04 %
Q2 2017	55.39 %	57.41 %	49.52 %
Q3 2017	55.88 %	57.25 %	50.53 %
Q4 2017	54.81 %	55.92 %	46.84 %
2017	54.81 %	55.92 %	46.84 %
Q1 2018	54.50 %	55.75 %	46.47 %
Q2 2018	54.95 %	56.08 %	42.29 %
Q3 2018	56.15 %	57.46 %	43.53 %
Q4 2018	61.79 %	63.18 %	51.65 %
2018	61.80 %	63.19 %	51.54 %
Q1 2019	61.71 %	62.97 %	51.27 %
Q2 2019	61.59 %	63.03 %	54.81 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2009	83.38 %	89.10 %	76.55 %
2010	86.68 %	90.61 %	80.64 %
2011	88.01 %	90.84 %	82.82 %
2012	89.34 %	91.20 %	83.22 %
2013	86.13 %	89.42 %	78.15 %
2014	85.64 %	90.13 %	78.79 %
2015	85.63 %	88.72 %	77.92 %
2016	56.66 %	57.94 %	49.87 %
2017	54.81 %	55.92 %	46.84 %
2018	61.80 %	63.19 %	51.54 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2010	81.86 %	88.77 %	72.87 %
Q2 2010	90.21 %	93.09 %	89.06 %
Q3 2010	84.56 %	88.53 %	76.43 %
Q4 2010	86.46 %	89.85 %	76.15 %
Q1 2011	83.72 %	85.74 %	70.61 %
Q2 2011	91.44 %	93.33 %	87.85 %
Q3 2011	87.75 %	91.31 %	78.41 %
Q4 2011	85.84 %	90.14 %	88.64 %
Q1 2012	87.04 %	92.21 %	78.49 %
Q2 2012	91.61 %	90.78 %	82.38 %
Q3 2012	89.15 %	92.42 %	82.78 %
Q4 2012	87.88 %	89.46 %	89.01 %
Q1 2013	85.26 %	87.45 %	76.68 %
Q2 2013	89.07 %	90.51 %	83.52 %
Q3 2013	86.31 %	88.82 %	75.58 %
Q4 2013	82.66 %	90.28 %	74.74 %
Q1 2014	82.51 %	89.64 %	75.07 %
Q2 2014	86.61 %	89.04 %	78.88 %
Q3 2014	85.43 %	90.89 %	80.25 %
Q4 2014	87.05 %	90.99 %	80.01 %
Q1 2015	80.16 %	87.34 %	73.43 %
Q2 2015	88.76 %	91.05 %	82.31 %
Q3 2015	84.99 %	89.92 %	79.55 %
Q4 2015	86.18 %	85.24 %	73.47 %
Q1 2016	52.81 %	54.45 %	47.83 %
Q2 2016	63.09 %	62.90 %	56.90 %
Q3 2016	54.75 %	59.38 %	48.66 %
Q4 2016	52.46 %	51.72 %	42.25 %
Q1 2017	52.48 %	56.12 %	48.70 %
Q2 2017	59.63 %	60.43 %	55.60 %
Q3 2017	56.67 %	58.84 %	52.60 %
Q4 2017	46.21 %	43.71 %	21.45 %
Q1 2018	50.39 %	55.22 %	46.94 %
Q2 2018	62.11 %	62.43 %	43.91 %
Q3 2018	61.01 %	63.83 %	57.38 %
Q4 2018	69.94 %	68.77 %	57.69 %
Q1 2019	49.52 %	53.71 %	44.55 %
Q2 2019	61.70 %	62.63 %	56.08 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2010	164.82	1.28	1.28	22.32
Q2 2010	164.82	1.60	1.60	22.67
Q3 2010	164.82	1.68	1.68	22.91
Q4 2010	164.82	1.72	1.69	20.89
Q1 2011	164.82	1.76	1.73	20.26
Q2 2011	164.82	1.81	1.78	20.65
Q3 2011	164.82	1.86	1.83	21.37
Q4 2011	164.82	1.96	1.96	22.74
Q1 2012	164.82	2.04	2.04	22.87
Q2 2012	164.82	2.04	2.04	25.03
Q3 2012	164.82	2.23	2.23	25.14
Q4 2012	164.82	2.30	2.30	28.01
Q1 2013	164.82	2.31	2.31	31.55
Q2 2013	164.82	2.21	2.21	29.66
Q3 2013	164.82	2.05	2.05	30.47
Q4 2013	164.82	1.97	1.97	36.13
Q1 2014	164.82	1.94	1.94	44.54
Q2 2014	164.82	1.85	1.85	42.94
Q3 2014	164.82	1.90	1.90	43.19
Q4 2014	164.82	1.98	1.98	53.81
Q1 2015	164.82	1.95	1.95	58.21
Q2 2015	164.82	2.00	2.00	53.87
Q3 2015	164.82	1.99	1.99	45.37
Q4 2015	164.82	1.88	1.88	39.55
Q1 2016	164.82	1.91	1.91	49.59
Q2 2016	164.82	1.95	1.95	48.48
Q3 2016	164.82	1.90	1.90	47.44
Q4 2016	164.82	1.81	1.81	52.66
Q1 2017	164.82	1.81	1.81	51.59
Q2 2017	164.82	1.77	1.77	50.87
Q3 2017	164.82	1.79	1.79	47.87
Q4 2017	164.82	1.60	1.60	46.28
Q1 2018	164.82	1.54	1.54	39.74
Q2 2018	164.82	1.32	1.32	35.50
Q3 2018	164.82	1.35	1.35	33.20
Q4 2018	164.82	1.72	1.72	30.46
Q1 2019	164.82	1.73	1.70	30.14
Q2 2019	164.82	1.83	1.78	26.79

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2009	164.82	1.29	1.29	22.75
2010	164.82	1.72	1.69	20.89
2011	164.82	1.96	1.96	22.74
2012	164.82	2.30	2.30	28.01
2013	164.82	1.97	1.97	36.13
2014	164.82	1.98	1.98	53.81
2015	164.82	1.88	1.88	39.55
2016	164.82	1.81	1.81	52.66
2017	164.82	1.60	1.60	46.28
2018	164.82	1.72	1.72	30.46

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2010	23.22	23.22	1.33
Q2 2010	18.21	18.21	1.28
Q3 2010	17.75	17.75	1.30
Q4 2010	17.48	17.78	1.44
Q1 2011	17.19	17.49	1.49
Q2 2011	17.48	17.77	1.53
Q3 2011	16.81	17.09	1.46
Q4 2011	17.88	17.88	1.54
Q1 2012	18.94	18.94	1.69
Q2 2012	19.35	19.35	1.57
Q3 2012	17.91	17.91	1.59
Q4 2012	17.65	17.65	1.45
Q1 2013	18.18	18.18	1.33
Q2 2013	31.90	31.90	2.38
Q3 2013	32.38	32.38	2.18
Q4 2013	32.80	32.80	1.79
Q1 2014	44.29	44.29	1.93
Q2 2014	42.66	42.66	1.84
Q3 2014	44.52	44.52	1.95
Q4 2014	39.64	39.64	1.46
Q1 2015	52.43	52.43	1.75
Q2 2015	45.24	45.24	1.68
Q3 2015	37.47	37.47	1.64
Q4 2015	49.34	49.34	2.35
Q1 2016	43.78	43.78	1.68
Q2 2016	45.79	45.79	1.84
Q3 2016	46.87	46.87	1.88
Q4 2016	50.04	50.04	1.72
Q1 2017	58.24	58.24	2.04
Q2 2017	56.75	56.75	1.97
Q3 2017	47.97	47.97	1.79
Q4 2017	47.29	47.29	1.64
Q1 2018	49.72	49.72	1.93
Q2 2018	59.23	59.23	2.21
Q3 2018	60.78	60.78	2.47
Q4 2018	45.93	45.93	2.59
Q1 2019	42.86	43.63	2.46
Q2 2019	43.71	44.90	2.99

Period	P/E	Adjusted P/E	Price/book
2009	20.79	20.79	1.18
2010	17.48	17.78	1.44
2011	17.88	17.88	1.54
2012	17.65	17.65	1.45
2013	32.80	32.80	1.79
2014	39.66	39.66	1.46
2015	49.34	49.34	2.35
2016	50.04	50.04	1.72
2017	47.29	47.29	1.64
2018	46.04	46.04	2.59

Business Segments (Million)

Compared With The

Period	Hilton hotel and Towers	Commercial center	Others..	Makkah Hilton hotel	Makkah Hilton Towers
Q3 2012	-	27.71	1.39	43.23	52.26
Q4 2012	-	53.45	-	8.28	6.67
Q1 2013	-	34.75	0.71	20.22	27.76
Q2 2013	-	36.18	0.71	40.69	54.99
Q3 2013	-	37.66	0.97	28.53	35.43
Q4 2013	-	35.73	0.03	26.78	33.59
Q1 2014	-	36.14	0.74	17.25	24.45
Q2 2014	-	37.70	0.74	34.83	49.53
Q3 2014	-	35.69	1.14	29.26	39.46
Q4 2014	-	38.49	0.34	32.25	36.90
Q1 2015	-	36.28	0.44	14.29	20.54
Q2 2015	-	36.50	0.94	42.35	49.67
Q3 2015	-	35.96	1.26	28.04	38.69
Q4 2015	-	37.50	0.27	24.86	31.08
Q1 2016	80.49	36.47	0.53	-	-
Q2 2016	162.24	36.85	0.83	-	-
Q3 2016	114.37	36.61	1.47	-	-
Q4 2016	91.92	36.62	0.30	-	-
Q1 2017	76.72	37.47	0.90	-	-
Q2 2017	151.22	39.22	0.91	-	-
Q3 2017	109.48	37.62	1.66	-	-
Q4 2017	70.38	37.49	0.30	-	-
Q1 2018	62.03	36.30	0.93	-	-
Q2 2018	120.76	37.77	1.05	-	-
Q3 2018	104.72	37.21	1.78	-	-
Q4 2018	104.39	41.31	0.42	-	-
Q1 2019	56.89	37.54	1.39	-	-
Q2 2019	115.00	33.98	1.13	-	-

Period	Hilton hotel and Towers	Commercial center	Others..	Makkah Hilton hotel	Makkah Hilton Towers
2012	-	133.34	2.76	156.35	163.03
2013	-	144.32	2.42	116.20	151.77
2014	-	148.02	2.96	113.59	150.32
2015	-	146.24	2.92	109.53	139.98
2016	449.03	146.55	3.13	-	-
2017	407.79	151.79	3.77	-	-
2018	391.91	152.59	4.17	-	-

Financial Ratios

	Current
Market Cap (M Riyal)	15,772.91
Enterprise Value (EV) (M)	15,257.80
Shares Outstanding ((M))	164.82
EPS ( Riyal) (TTM)	2.32
Book Value (BV) ( Riyal)	28.32
Par Value ( Riyal)	10.00
Adjusted P/E (Last12)	43.42
P/E (TTM)	41.19
Price/book	3.38
Return on Average Assets (%) (TTM)	7.9
Return on Average Equity (%) (TTM)	9.1

Makkah Construction and Development Co. (MCDC)

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Makkah Construction posts 16% profit increase in 6M

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Financials (M)

Current Quarter Comparison (M)

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Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

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Business Segments (Million)

Revenue by Business Segment (Latest) 2019 Q2

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Makkah Construction posts 16% profit increase in 6M

View other reports

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q2 2019

Revenue by Business Segment (Latest) 2019 Q2

Financial Ratios

Share Price

Makkah Construction and Development Co. (MCDC)

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Business Segments (Million)