Makkah Construction turns to loss of SAR 14 mln in 9M 2020

02/11/2020 Argaam Exclusive

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Makkah Construction and Development Co. incurred net loss after Zakat and tax of SAR 14 million for the first nine months of 2020, compared to net profit of SAR 209 million in the same period a year ago.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	375.53	104.82	(72.1 %)
Gross Income	219.38	7.16	(96.7 %)
Operating Income	206.23	(14.19)	(106.9 %)
Net Income	208.68	(14.06)	(106.7 %)
Average Shares	164.82	164.82	-
EPS (Riyals)	1.27	(0.09)	(106.7 %)

The company turned to loss due to lower revenue and occupancy rates, closure of shops on the lockdown measures, and higher general and administrative expenses.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	129.60	4.55	(96.5 %)
Gross Income	79.31	(21.46)	(127.1 %)
Operating Income	75.70	(29.37)	(138.8 %)
Net Income	73.80	(29.29)	(139.7 %)
Average Shares	164.82	164.82	-
EPS (Riyals)	0.45	(0.18)	(139.7 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	5.88	4.55	(22.6 %)
Gross Income	(20.92)	(21.46)	(2.6 %)
Operating Income	(26.65)	(29.37)	(10.2 %)
Net Income	(25.55)	(29.29)	(14.7 %)
Average Shares	164.82	164.82	-
EPS (Riyals)	(0.15)	(0.18)	(14.7 %)

In Q3 2020, the company reported net loss after Zakat and tax of SAR 29 million, versus net profit of SAR 74 million in year-earlier period, due to lower revenue and occupancy rates.

On a quarter-on-quarter basis, the company widened its loss in Q3 2020.

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