Makkah Construction net profit up 86% to SAR 104 mln in 2022

30/03/2023 Argaam Exclusive

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Share Price

Makkah Construction and Development Co.
98.00
1.00 1.03 %

Makkah Construction and Development Co. (MCDC)

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Makkah Construction and Development Co. posted a net profit of SAR 104 million in 2022, an 86% increase from SAR 56 million a year earlier.



Financials (M)

Item 2021 2022 Change‬
Revenues 159.64 461.35 189.0 %
Gross Income 53.62 294.14 448.5 %
Operating Income 11.18 174.28 1458.3 %
Net Income 4.25 155.59 3565.2 %
Average Shares 164.82 164.82 0.0 %
EPS (Riyals) 0.03 0.94 3565.3 %

The positive performance was driven by an increase in revenue and occupancy rates of residential rooms in Makkah Hotel and Towers Company, resulting from higher number of guests, visitors and pilgrims, as well as an increase in the revenues of the mall.



Current Quarter Comparison (M)

Compared With The
Item Q4 2021 Q4 2022 Change‬
Revenues 58.35 120.55 106.6 %
Gross Income 29.83 79.16 165.4 %
Operating Income 10.36 44.12 325.8 %
Net Income 6.81 41.97 516.5 %
Average Shares 164.82 164.82 0.0 %
EPS (Riyals) 0.04 0.25 516.6 %

Shareholders’ equity, excluding minority interest, stood at SAR 3.36 billion as of Dec. 31, 2022, compared to SAR 4.08 billion a year earlier.

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Financial results (Million)

Period Revenues Change Gross Income Change Net Income Change EPS(Riyal)
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
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
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
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
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
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
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
Q3 2019 129.60 (9.8 %) 79.31 (9.5 %) 73.80 (10.5 %) 0.45
Q4 2019 101.81 (30.3 %) 60.39 (40.9 %) 27.46 (67.4 %) 0.17
Q1 2020 94.39 (1.5 %) 49.54 4.4 % 40.78 (14.5 %) 0.25
Q2 2020 5.88 (96.1 %) (20.92) (122.6 %) (25.55) (129.3 %) (0.15)
Q3 2020 4.55 (96.5 %) (21.46) (127.1 %) (29.29) (139.7 %) (0.18)
Q4 2020 18.63 (81.7 %) (7.24) (112.0 %) (44.81) (263.2 %) (0.27)
Q1 2021 23.31 (75.3 %) (2.95) (106.0 %) (10.50) (125.8 %) (0.06)
Q2 2021 33.31 466.7 % 3.22 115.4 % (3.82) 85.0 % (0.02)
Q3 2021 44.67 881.5 % 23.53 209.6 % 11.76 140.2 % 0.07
Q4 2021 58.35 213.2 % 29.83 511.8 % 6.81 115.2 % 0.04
Q1 2022 55.25 137.0 % 14.58 593.9 % 8.76 183.4 % 0.05
Q2 2022 145.81 337.8 % 85.88 2566.9 % 73.65 2026.5 % 0.45
Q3 2022 132.52 196.7 % 84.03 257.1 % 58.06 393.5 % 0.35
Q4 2022 120.55 106.6 % 79.16 165.4 % 41.97 516.5 % 0.25
2022 461.35 189.0 % 294.14 448.5 % 155.59 3565.2 % 0.94

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %
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 %
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 %
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 %
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 %
Q1 2019 61.71 % 62.97 % 51.27 %
Q2 2019 61.59 % 63.03 % 54.81 %
Q3 2019 61.65 % 63.11 % 54.63 %
Q4 2019 58.61 % 60.49 % 46.47 %
Q1 2020 59.23 % 60.23 % 46.21 %
Q2 2020 50.75 % 52.34 % 33.22 %
Q3 2020 32.69 % 33.17 % 3.43 %
Q4 2020 (0.06 %) (16.29 %) (47.70 %)
Q1 2021 (100.38 %) (136.25 %) (210.34 %)
Q2 2021 (35.63 %) (60.57 %) (110.82 %)
Q3 2021 13.80 % (5.72 %) (39.51 %)
Q4 2021 33.59 % - 2.66 %
Q1 2022 37.14 % 26.91 % 12.27 %
Q2 2022 50.58 % 44.55 % 33.21 %
Q3 2022 54.68 % 48.58 % 37.58 %
Q4 2022 58.05 % 51.14 % 40.17 %
2022 63.76 % 41.69 % 33.72 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q3 2019 164.82 1.78 1.73 25.78
Q4 2019 164.82 1.43 1.35 26.07
Q1 2020 164.82 1.39 1.33 23.75
Q2 2020 164.82 0.71 0.67 22.88
Q3 2020 164.82 0.08 0.04 30.08
Q4 2020 164.82 (0.36) (0.36) 27.08
Q1 2021 164.82 (0.67) (0.67) 26.10
Q2 2021 164.82 (0.54) (0.54) 29.43
Q3 2021 164.82 (0.29) (0.29) 28.25
Q4 2021 164.82 0.03 0.03 26.15
Q1 2022 164.82 0.14 0.14 24.01
Q2 2022 164.82 0.61 0.61 26.12
Q3 2022 164.82 0.89 0.89 22.42
Q4 2022 164.82 1.11 1.11 20.39

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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 More than 50 More than 50 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 More than 50 More than 50 1.72
Q1 2017 More than 50 More than 50 2.04
Q2 2017 More than 50 More than 50 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 More than 50 More than 50 2.21
Q3 2018 More than 50 More than 50 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
Q3 2019 40.95 42.10 2.82
Q4 2019 More than 50 More than 50 2.93
Q1 2020 41.92 43.69 2.45
Q2 2020 More than 50 More than 50 2.58
Q3 2020 More than 50 More than 50 2.18
Q4 2020 NEG NEG 2.36
Q1 2021 NEG NEG 2.42
Q2 2021 NEG NEG 2.38
Q3 2021 NEG NEG 2.58
Q4 2021 More than 50 More than 50 2.88
Q1 2022 More than 50 More than 50 3.59
Q2 2022 More than 50 More than 50 2.75
Q3 2022 More than 50 More than 50 2.83
Q4 2022 More than 50 More than 50 3.01

Business Segments (Million)

Compared With The
Period Hilton hotel and Towers Commercial center Others.. Makkah Hilton hotel Makkah Hilton Towers
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 - -
Q3 2019 93.19 34.25 2.16 - -
Q4 2019 52.97 48.47 0.37 - -
Q1 2020 53.97 39.21 1.21 - -
Q2 2020 0.52 5.36 - - -
Q3 2020 0.44 4.11 - - -
Q4 2020 4.45 13.87 0.30 - -
Q1 2021 4.90 18.31 0.10 - -
Q1 2022 28.38 26.87 - - -
Q4 2022 78.81 40.35 1.39 - -


Financial Ratios
Current
Market Cap (M Riyal) 16,151.99
Enterprise Value (EV) (M) 15,754.04
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) 44.52
P/E (TTM) 42.23
Price/book 3.46
Return on Average Assets (%) (TTM) 8.5
Return on Average Equity (%) (TTM) 9.1
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