Makkah Construction says precautionary measures to impact revenues, profits in 2020

08/04/2020 Argaam

 

Makkah Construction and Development Co.’s revenues and profits for the fiscal year 2020 will be impacted due to the government’s precautionary measures imposed to contain the spread of coronavirus, the company said in a bourse filing on Wednesday.

 

The precautionary measures such as temporary suspension of Umrah, domestic and international flights, as well as closure of malls, have led to a decline in occupancy rates in hotels, the statement added.

 

The company said it is unable to assess the financial impact of the precautionary measures at present and any further developments will be announced in due course.

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