Makkah Construction's net profit declines 89% to SAR 15 mln in H1 2020

16/08/2020 Argaam Exclusive

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Makkah Construction and Development Co. reported net profit after Zakat and tax of SAR 15 million for the six-month period ending June 21, 2020, down 89% year-on-year (YoY), driven by lower revenue, decreased occupancy rates, and the closure of shops on the lockdown measures.

Financials (M)

Item	6m 2019	6m 2020	Change‬
Revenues	245.93	100.26	(59.2 %)
Gross Income	140.08	28.62	(79.6 %)
Operating Income	130.53	15.18	(88.4 %)
Net Income	134.87	15.23	(88.7 %)
Average Shares	164.82	164.82	-
EPS (Riyals)	0.82	0.09	(88.7 %)

The company reported net loss after Zakat and tax of SAR 25 million, versus net profit of SAR 87 million in year-earlier period, due to lower revenue, lower occupancy rates, and the closure of shops on the lockdown measures.

On a quarter-on-quarter basis, the company turned to loss in Q2, versus SAR 42 million in profit in Q1 2020.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2019	Q2 2020	Change‬
Revenues	150.12	5.88	(96.1 %)
Gross Income	92.62	(20.92)	(122.6 %)
Operating Income	86.42	(26.65)	(130.8 %)
Net Income	87.19	(25.55)	(129.3 %)
Average Shares	164.82	164.82	-
EPS (Riyals)	0.53	(0.15)	(129.3 %)

Item	Q1 2020	Q2 2020	Change‬
Revenues	94.39	5.88	(93.8 %)
Gross Income	49.54	(20.92)	(142.2 %)
Operating Income	41.82	(26.65)	(163.7 %)
Net Income	40.78	(25.55)	(162.6 %)
Average Shares	164.82	164.82	-
EPS (Riyals)	0.25	(0.15)	(162.6 %)

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