Makkah Construction swings to SAR 59 mln loss for 2020

09/03/2021 Argaam Exclusive

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Makkah Construction and Development Co. turned to a net loss after Zakat and tax of SAR 59 million for 2020, from a net profit of SAR 236 million in 2019.

Financials (M)

Item	2019	2020	Change‬
Revenues	477.34	123.44	(74.1 %)
Gross Income	279.77	(0.08)	(100.0 %)
Operating Income	258.97	(50.27)	(119.4 %)
Net Income	236.13	(58.88)	(124.9 %)
Average Shares	164.82	164.82	-
EPS (Riyals)	1.43	(0.36)	(124.9 %)

The loss was driven by lower revenue and decreased occupancy rates in Makkah Hotel and Towers due to the COVID-19 outbreak and the precautionary lockdown measures.

The company also cited provisions to hedge against potential credit losses and Zakat for previous years.

The developer also reported a net loss after Zakat and tax of SAR 44.9 million in the fourth quarter of 2020.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	101.81	18.63	(81.7 %)
Gross Income	60.39	(7.24)	(112.0 %)
Operating Income	52.74	(36.08)	(168.4 %)
Net Income	27.46	(44.81)	(263.2 %)
Average Shares	164.82	164.82	-
EPS (Riyals)	0.17	(0.27)	(263.2 %)

Item	Q3 2020	Q4 2020	Change‬
Revenues	4.55	18.63	309.3 %
Gross Income	(21.46)	(7.24)	66.3 %
Operating Income	(29.37)	(36.08)	(22.8 %)
Net Income	(29.29)	(44.81)	(53.0 %)
Average Shares	164.82	164.82	-
EPS (Riyals)	(0.18)	(0.27)	(53.0 %)

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