Financial Results : Makkah Construction posts 15% profit slump to SAR 41 mln in Q1 2020

Makkah Construction posts 15% profit slump to SAR 41 mln in Q1 2020

15/06/2020 Argaam Exclusive

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Makkah Construction and Development Co. reported net profit after Zakat and tax of SAR 41 million, a decline of 15% year-on-year (YoY) for the three-month period ending on March 24, 2020, driven by lower revenue and decreased occupancy rates in the hotel residential units, on the wake of the Kingdom's precautionary measures to curb COVID-19 outbreak.



Current Quarter Comparison (M)

Compared With The
Item Q1 2019 Q1 2020 Change‬
Revenues 95.82 94.39 (1.5 %)
Gross Income 47.45 49.54 4.4 %
Operating Income 44.11 41.82 (5.2 %)
Net Income 47.68 40.78 (14.5 %)
Average Shares 164.82 164.82 -
EPS (Riyals) 0.29 0.25 (14.5 %)

On a sequential basis, Q1 2020 net profit jumped 51.85%, as Q4 2019 included Zakat provisions.

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