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.
| 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.
| 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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