Makkah Construction turns to SAR 4 mln profit in FY ended in December; Q4 at SAR 6.6 mln

01/03/2022 Argaam Exclusive

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Makkah Construction and Development Co. turned to a net profit after Zakat and tax of SAR 4 million for the fiscal year ended 29 Rabi Al-Thani, 1443 (Dec. 4, 2021), from a net loss of SAR 59 million in the same period in 1442 AH.

Financials (M)

Item	2020	2021	Change‬
Revenues	123.44	159.64	29.3 %
Gross Income	(0.08)	53.62	67128.8 %
Operating Income	(50.27)	11.18	122.2 %
Net Income	(58.88)	4.25	107.2 %
Average Shares	164.82	164.82	-
EPS (Riyals)	(0.36)	0.03	107.2 %

The company attributed the profit to higher revenue from the shops in the mall due to the decrease in the exemptions given to the tenants during the precautionary measures taken by the government in the Central Region to control the pandemic. This resulted in a relative increase for shop visitors, as well as a decrease in the calculation of the provision for expected credit losses.

The developer also reported a net profit after Zakat and tax of SAR 6.6 million in the fourth quarter of 2021 from a net loss of SAR 44.8 million in the year-ago period.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	18.63	58.35	213.2 %
Gross Income	(7.24)	29.83	511.8 %
Operating Income	(36.08)	10.36	128.7 %
Net Income	(44.81)	6.81	115.2 %
Average Shares	164.82	164.82	-
EPS (Riyals)	(0.27)	0.04	115.2 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	44.67	58.35	30.6 %
Gross Income	23.53	29.83	26.8 %
Operating Income	12.82	10.36	(19.2 %)
Net Income	11.76	6.81	(42.1 %)
Average Shares	164.82	164.82	-
EPS (Riyals)	0.07	0.04	(42.1 %)

Shareholders’ equity, excluding minority interest, amounted to SAR 4.183 billion at the end of the period compared to SAR 4.463 billion in the same period a year ago.

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