Financial Results : Makkah Construction’s net profit falls 4% in H1

Makkah Construction’s net profit falls 4% in H1

17/09/2017 Argaam Exclusive

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Makkah Construction and Development Co. (MCDC) reported a net profit of SAR 162 million for the six-month period ending July 23, 2017, down 4.14 percent year-on-year (YoY) due to lower revenue and occupancy rates at the Makkah Hilton & Towers Hotel prior to and during Ramadan, in addition to higher expenses, especially for maintenance.  



Financials (M)

Item 6m 2016 6m 2017 Change‬
Revenues 317.41 306.43 (3.5 %)
Gross Income 188.18 174.49 (7.3 %)
Operating Income 178.41 166.06 (6.9 %)
Net Income 169.94 162.44 (4.4 %)
Average Shares 164.82 164.82 -
EPS (Riyals) 1.03 0.99 (4.4 %)

On a quarterly basis, the company’s net profit in Q2 dropped around 7 percent YoY on lower revenue and occupancy rates at Makkah Hilton & Towers Hotel before and during Ramadan, in addition to higher expenses, especially for maintenance. 

 

Net profit in Q2 rose 89 percent compared to the previous quarter due to higher revenue and occupancy rates at Makkah Hilton & Towers Hotel.



Current Quarter Comparison (M)

Compared With The
Item Q2 2016 Q2 2017 Change‬
Revenues 199.92 191.35 (4.3 %)
Gross Income 126.14 114.09 (9.5 %)
Operating Income 120.10 108.49 (9.7 %)
Net Income 113.75 106.38 (6.5 %)
Average Shares 164.82 164.82 -
EPS (Riyals) 0.69 0.65 (6.5 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q3 2014 105.54 2.9 % 90.17 1.8 % 88.46 4.9 %
Q4 2014 107.98 12.3 % 94.00 18.3 % 90.78 20.7 %
Q1 2015 71.56 (8.9 %) 57.36 (11.5 %) 55.17 (11.6 %)
Q2 2015 129.46 5.3 % 114.91 7.9 % 110.40 8.4 %
Q3 2015 103.94 (1.5 %) 88.35 (2.0 %) 86.16 (2.6 %)
Q4 2015 93.71 (13.2 %) 80.75 (14.1 %) 72.74 (19.9 %)
Q1 2016 117.49 64.2 % 62.04 8.2 % 58.31 5.7 %
Q2 2016 199.92 54.4 % 126.14 9.8 % 120.10 8.8 %
Q3 2016 152.45 46.7 % 83.46 (5.5 %) 80.66 (6.4 %)
Q4 2016 128.84 37.5 % 67.59 (16.3 %) 59.95 (17.6 %)
Q1 2017 115.09 (2.0 %) 60.40 (2.7 %) 57.57 (1.3 %)
Q2 2017 191.35 (4.3 %) 114.09 (9.5 %) 108.49 (9.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
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
Q3 2014 84.70 9.2 % 0.51 - 84.70 0.51
Q4 2014 86.39 20.3 % 0.52 - 86.39 0.52
Q1 2015 52.54 (10.9 %) 0.32 - 52.54 0.32
Q2 2015 106.56 9.8 % 0.65 - 106.56 0.65
Q3 2015 82.69 (2.4 %) 0.50 - 82.69 0.50
Q4 2015 68.85 (20.3 %) 0.42 - 68.85 0.42
Q1 2016 56.19 6.9 % 0.34 - 56.19 0.34
Q2 2016 113.75 6.7 % 0.69 - 113.75 0.69
Q3 2016 74.18 (10.3 %) 0.45 - 74.18 0.45
Q4 2016 54.43 (20.9 %) 0.33 - 54.43 0.33
Q1 2017 56.05 (0.2 %) 0.34 - 56.05 0.34
Q2 2017 106.38 (6.5 %) 0.65 - 106.38 0.65

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
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 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
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

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
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

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 - -


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
1.40 1.30 %

Makkah Construction and Development Co. (MCDC)

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