Makkah Construction posts 17% profit drop in FY2019

12/03/2020 Argaam Exclusive

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Makkah Construction and Development Co.’s net profit after Zakat and tax plunged 17% year-on-year (YoY) to SAR 236 million for the fiscal year 2019, as compared to SAR 283 million in the same period a year earlier.

The profit decline is attributed to a decrease in revenues and occupancy rates for hotel and tower rooms due to a fall in the number of visitors, as well as an increase in the credit loss provisions, the company said in a bourse statement.

Financials (M)

Item	2018	2019	Change‬
Revenues	548.67	477.34	(13.0 %)
Gross Income	339.06	279.77	(17.5 %)
Operating Income	318.33	258.97	(18.6 %)
Net Income	282.78	236.13	(16.5 %)
Average Shares	164.82	164.82	-
EPS (Riyals)	1.72	1.43	(16.5 %)

Q4 2019 net profit dropped by 68% YoY to reach SAR 27.3 million.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	146.13	101.81	(30.3 %)
Gross Income	102.21	60.39	(40.9 %)
Operating Income	93.35	52.74	(43.5 %)
Net Income	84.31	27.46	(67.4 %)
Average Shares	164.82	164.82	-
EPS (Riyals)	0.51	0.17	(67.4 %)

Item	Q3 2019	Q4 2019	Change‬
Revenues	129.60	101.81	(21.4 %)
Gross Income	79.31	60.39	(23.8 %)
Operating Income	75.70	52.74	(30.3 %)
Net Income	73.80	27.46	(62.8 %)
Average Shares	164.82	164.82	-
EPS (Riyals)	0.45	0.17	(62.8 %)

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