Financial Results : Makkah posts lower net profit at SAR 156m in I2 of 2014

Makkah posts lower net profit at SAR 156m in I2 of 2014

15/09/2014 Argaam Exclusive

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Makkah Construction and Development Co., working in real estate investment, reported SAR 156m net profit at the end of the first half of 2014, compared to SAR 175m in the same period last year, as shown in the following table:



Financials (M)

Item 6m 2013 6m 2014 Change‬
Revenues 215.99 201.37 (6.8 %)
Gross Income 189.20 171.16 (9.5 %)
Operating Income 179.38 164.05 (8.5 %)
Net Income 174.69 155.81 (10.8 %)
Average Shares 164.82 164.82 0.0 %
EPS (Riyals) 1.06 0.95 (10.8 %)


Current Quarter Comparison (M)

Compared With The
Item Q2 2013 Q2 2014 Change‬
Revenues 132.56 122.97 (7.2 %)
Gross Income 118.07 106.51 (9.8 %)
Operating Income 113.17 101.81 (10.0 %)
Net Income 110.72 97.01 (12.4 %)
Average Shares 164.82 164.82 0.0 %
EPS (Riyals) 0.67 0.59 (12.4 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2005 53.05 26.0 % 34.49 41.8 % 32.96 42.7 %
Q2 2005 92.65 (6.7 %) 73.10 (7.9 %) 69.38 (7.2 %)
Q3 2005 74.79 1.0 % 54.28 (2.5 %) 50.43 (1.2 %)
Q4 2005 29.54 (9.6 %) 7.61 (26.9 %) 2.60 (58.8 %)
Q1 2006 46.04 (13.2 %) 27.12 (21.4 %) 24.12 (26.8 %)
Q2 2006 106.71 15.2 % 85.61 17.1 % 75.64 9.0 %
Q3 2006 80.23 7.3 % 61.91 14.1 % 52.47 4.0 %
Q4 2006 41.21 39.5 % 9.39 23.3 % 9.27 256.8 %
Q1 2007 35.02 (23.9 %) 23.95 (11.7 %) 20.31 (15.8 %)
Q2 2007 111.27 4.3 % 99.69 16.4 % 95.83 26.7 %
Q3 2007 62.16 (22.5 %) 51.10 (17.5 %) 46.81 (10.8 %)
Q4 2007 63.43 53.9 % 50.10 433.7 % 44.62 381.5 %
Q1 2008 62.75 79.2 % 51.40 114.6 % 49.09 141.7 %
Q2 2008 102.40 (8.0 %) 90.31 (9.4 %) 85.43 (10.9 %)
Q3 2008 61.87 (0.5 %) 50.57 (1.0 %) 48.52 3.7 %
Q4 2008 63.96 0.8 % 51.11 2.0 % 46.45 4.1 %
Q1 2009 61.73 (1.6 %) 49.66 (3.4 %) 47.63 (3.0 %)
Q2 2009 83.45 (18.5 %) 71.03 (21.4 %) 67.36 (21.1 %)
Q3 2009 65.52 5.9 % 54.36 7.5 % 51.55 6.2 %
Q4 2009 67.94 6.2 % 57.29 12.1 % 54.23 16.7 %
Q1 2010 58.34 (5.5 %) 47.75 (3.8 %) 44.95 (5.6 %)
Q2 2010 133.53 60.0 % 120.46 69.6 % 117.54 74.5 %
Q3 2010 82.18 25.4 % 69.50 27.8 % 66.15 28.3 %
Q4 2010 71.89 5.8 % 62.15 8.5 % 58.08 7.1 %
Q1 2011 68.12 16.8 % 57.03 19.4 % 51.99 15.7 %
Q2 2011 146.17 9.5 % 133.66 11.0 % 129.81 10.4 %
Q3 2011 90.15 9.7 % 79.11 13.8 % 75.78 14.6 %
Q4 2011 85.01 18.3 % 72.98 17.4 % 70.21 20.9 %
Q1 2012 79.41 16.6 % 69.12 21.2 % 66.73 28.4 %
Q2 2012 154.36 5.6 % 141.41 5.8 % 133.63 2.9 %
Q3 2012 124.77 38.4 % 111.22 40.6 % 108.68 43.4 %
Q4 2012 96.94 14.0 % 85.19 16.7 % 80.32 14.4 %
Q1 2013 83.43 5.1 % 71.14 2.9 % 66.22 (0.8 %)
Q2 2013 132.56 (14.1 %) 118.07 (16.5 %) 113.17 (15.3 %)
Q3 2013 102.59 (17.8 %) 88.54 (20.4 %) 84.34 (22.4 %)
Q4 2013 96.12 (0.8 %) 79.45 (6.7 %) 75.23 (6.3 %)
Q1 2014 78.58 (5.8 %) 64.84 (8.9 %) 62.42 (5.7 %)
Q2 2014 122.97 (7.2 %) 106.51 (9.8 %) 101.81 (10.0 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2005 32.97 (40.1 %) 0.20 - 32.97 0.20
Q2 2005 69.38 (7.2 %) 0.43 - 69.38 0.43
Q3 2005 50.43 (4.8 %) 0.31 - 50.43 0.31
Q4 2005 33.06 3799.1 % 0.20 30.45 2.61 0.02
Q1 2006 24.12 (26.8 %) 0.15 - 24.12 0.15
Q2 2006 79.57 14.7 % 0.48 - 79.57 0.48
Q3 2006 46.42 (7.9 %) 0.28 - 46.42 0.28
Q4 2006 22.74 (31.2 %) 0.14 - 22.74 0.14
Q1 2007 20.54 (14.9 %) 0.12 - 20.54 0.12
Q2 2007 95.98 20.6 % 0.58 - 95.98 0.58
Q3 2007 46.91 1.1 % 0.28 - 46.91 0.28
Q4 2007 13.57 (40.3 %) 0.08 - 13.57 0.08
Q1 2008 46.88 128.3 % 0.28 - 46.88 0.28
Q2 2008 83.31 (13.2 %) 0.51 - 83.31 0.51
Q3 2008 49.20 4.9 % 0.30 - 49.20 0.30
Q4 2008 42.78 215.3 % 0.26 - 42.78 0.26
Q1 2009 46.33 (1.2 %) 0.28 - 46.33 0.28
Q2 2009 66.29 (20.4 %) 0.40 - 66.29 0.40
Q3 2009 49.54 0.7 % 0.30 - 49.54 0.30
Q4 2009 52.46 22.6 % 0.32 - 52.46 0.32
Q1 2010 42.51 (8.3 %) 0.26 - 42.51 0.26
Q2 2010 118.91 79.4 % 0.72 - 118.91 0.72
Q3 2010 62.81 26.8 % 0.38 - 62.81 0.38
Q4 2010 59.65 13.7 % 0.36 4.91 54.74 0.33
Q1 2011 48.10 13.2 % 0.29 - 48.10 0.29
Q2 2011 128.41 8.0 % 0.78 - 128.41 0.78
Q3 2011 70.69 12.5 % 0.43 - 70.69 0.43
Q4 2011 75.35 26.3 % 0.46 - 75.35 0.46
Q1 2012 62.33 29.6 % 0.38 - 62.33 0.38
Q2 2012 127.16 (1.0 %) 0.77 - 127.16 0.77
Q3 2012 103.28 46.1 % 0.63 - 103.28 0.63
Q4 2012 86.29 14.5 % 0.52 - 86.29 0.52
Q1 2013 63.97 2.6 % 0.39 - 63.97 0.39
Q2 2013 110.72 (12.9 %) 0.67 - 110.72 0.67
Q3 2013 77.54 (24.9 %) 0.47 - 77.54 0.47
Q4 2013 71.84 (16.7 %) 0.44 - 71.84 0.44
Q1 2014 58.99 (7.8 %) 0.36 - 58.99 0.36
Q2 2014 97.01 (12.4 %) 0.59 - 97.01 0.59

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2005 69.45 % 74.87 % 62.35 %
Q2 2005 68.79 % 74.72 % 61.86 %
Q3 2005 68.05 % 74.07 % 60.68 %
Q4 2005 67.78 % 73.83 % 62.15 %
Q1 2006 66.70 % 72.45 % 60.30 %
Q2 2006 67.92 % 72.65 % 60.97 %
Q3 2006 69.42 % 72.57 % 58.18 %
Q4 2006 67.12 % 76.73 % 63.04 %
Q1 2007 68.72 % 78.67 % 64.32 %
Q2 2007 72.81 % 83.13 % 69.35 %
Q3 2007 73.74 % 86.17 % 74.57 %
Q4 2007 82.69 % 87.15 % 65.10 %
Q1 2008 84.20 % 88.49 % 67.87 %
Q2 2008 83.55 % 87.76 % 65.58 %
Q3 2008 83.45 % 88.57 % 66.43 %
Q4 2008 83.65 % 89.60 % 76.35 %
Q1 2009 83.34 % 89.38 % 76.43 %
Q2 2009 82.05 % 88.82 % 75.50 %
Q3 2009 82.34 % 88.54 % 74.62 %
Q4 2009 83.38 % 89.10 % 77.03 %
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 %
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 %
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 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2005 161.68 1.00 1.00 13.42
Q2 2005 161.68 0.97 0.97 13.46
Q3 2005 161.68 0.95 0.95 13.48
Q4 2005 161.68 1.15 0.96 13.49
Q1 2006 164.82 1.07 0.89 19.21
Q2 2006 164.82 1.14 0.95 19.26
Q3 2006 164.82 1.11 0.93 19.15
Q4 2006 164.82 1.05 1.05 18.84
Q1 2007 164.82 1.03 1.03 18.85
Q2 2007 164.82 1.13 1.13 19.55
Q3 2007 164.82 1.13 1.13 18.94
Q4 2007 164.82 1.07 1.07 25.69
Q1 2008 164.82 1.23 1.23 25.04
Q2 2008 164.82 1.16 1.16 22.86
Q3 2008 164.82 1.17 1.17 24.34
Q4 2008 164.82 1.35 1.35 22.50
Q1 2009 164.82 1.34 1.34 22.86
Q2 2009 164.82 1.24 1.24 23.84
Q3 2009 164.82 1.24 1.24 23.55
Q4 2009 164.82 1.30 1.30 22.75
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2005 63.93 63.93 4.76
Q2 2005 More than 100 More than 100 10.71
Q3 2005 More than 100 More than 100 10.74
Q4 2005 More than 100 More than 100 14.16
Q1 2006 More than 100 More than 100 8.55
Q2 2006 88.71 More than 100 5.23
Q3 2006 83.68 More than 100 4.86
Q4 2006 37.90 37.90 2.11
Q1 2007 33.59 33.59 1.83
Q2 2007 29.07 29.07 1.68
Q3 2007 33.20 33.20 1.98
Q4 2007 41.44 41.44 1.73
Q1 2008 28.57 28.57 1.41
Q2 2008 34.36 34.36 1.74
Q3 2008 30.32 30.32 1.46
Q4 2008 17.36 17.36 1.04
Q1 2009 19.26 19.26 1.13
Q2 2009 22.72 22.72 1.18
Q3 2009 24.21 24.21 1.28
Q4 2009 20.66 20.66 1.18
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

Business Segments (Million)

Compared With The
Period 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


Financial Ratios
Current
Market Cap (M Riyal) 18,030.89
Enterprise Value (EV) (M) 17,980.26
Shares Outstanding ((M)) 164.82
EPS ( Riyal) (TTM) 2.28
Book Value (BV) ( Riyal) 26.77
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) 47.90
Price/book 4.09
Return on Average Assets (%) (TTM) 7.8
Return on Average Equity (%) (TTM) 8.8
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Share Price

Makkah Construction and Development Co.
109.40
(3.40) (3.01 %)

Makkah Construction and Development Co. (MCDC)

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