Makkah Construction turns to SAR 11 mln loss for Q1 2021

22/04/2021 Argaam Exclusive

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Makkah Construction and Development Co. (MCDC) reported net loss after Zakat and tax of SAR 11 million for Q1 2021, versus net profit of SAR 41 million in prior-year period, due to lower revenue and decreased occupancy rates in Makkah hotel and towers.

 

The company also cited lower number of visitors as well as pilgrims on the COVID-19 lockdown measures.

 

On a sequential basis, the company narrowed net loss after zakat and tax by 75.56%.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 94.39 23.31 (75.3 %)
Gross Income 49.54 (2.95) (106.0 %)
Operating Income 41.82 (8.94) (121.4 %)
Net Income 40.78 (10.50) (125.8 %)
Average Shares 164.82 164.82 -
EPS (Riyals) 0.25 (0.06) (125.8 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2012 79.41 16.6 % 69.12 21.2 % 66.73 28.4 %
Q2 2012 154.36 5.6 % 141.41 5.8 % 133.63 2.9 %
Q3 2012 124.77 38.4 % 111.22 40.6 % 108.68 43.4 %
Q4 2012 96.94 14.0 % 85.19 16.7 % 80.32 14.4 %
Q1 2013 83.43 5.1 % 71.14 2.9 % 66.22 (0.8 %)
Q2 2013 132.56 (14.1 %) 118.07 (16.5 %) 113.17 (15.3 %)
Q3 2013 102.59 (17.8 %) 88.54 (20.4 %) 84.34 (22.4 %)
Q4 2013 96.12 (0.8 %) 79.45 (6.7 %) 75.23 (6.3 %)
Q1 2014 78.58 (5.8 %) 64.84 (8.9 %) 62.42 (5.7 %)
Q2 2014 122.97 (7.2 %) 106.51 (9.8 %) 101.81 (10.0 %)
Q3 2014 105.54 2.9 % 90.17 1.8 % 88.46 4.9 %
Q4 2014 107.98 12.3 % 94.00 18.3 % 90.78 20.7 %
Q1 2015 71.56 (8.9 %) 57.36 (11.5 %) 55.17 (11.6 %)
Q2 2015 129.46 5.3 % 114.91 7.9 % 110.40 8.4 %
Q3 2015 103.94 (1.5 %) 88.35 (2.0 %) 86.16 (2.6 %)
Q4 2015 93.71 (13.2 %) 80.75 (14.1 %) 72.74 (19.9 %)
Q1 2016 117.49 64.2 % 62.04 8.2 % 58.31 5.7 %
Q2 2016 199.92 54.4 % 126.14 9.8 % 120.10 8.8 %
Q3 2016 152.45 46.7 % 83.46 (5.5 %) 80.66 (6.4 %)
Q4 2016 128.84 37.5 % 67.59 (16.3 %) 59.95 (17.6 %)
Q1 2017 115.09 (2.0 %) 60.40 (2.7 %) 57.57 (1.3 %)
Q2 2017 191.35 (4.3 %) 114.09 (9.5 %) 108.49 (9.7 %)
Q3 2017 148.76 (2.4 %) 84.31 1.0 % 80.29 (0.5 %)
Q4 2017 108.17 (16.0 %) 49.98 (26.0 %) 40.25 (32.9 %)
Q1 2018 99.29 (13.7 %) 50.03 (17.2 %) 47.80 (17.0 %)
Q2 2018 159.64 (16.6 %) 99.15 (13.1 %) 92.60 (14.6 %)
Q3 2018 143.71 (3.4 %) 87.68 4.0 % 84.57 5.3 %
Q4 2018 146.13 35.1 % 102.21 104.5 % 93.35 132.0 %
Q1 2019 95.82 (3.5 %) 47.45 (5.2 %) 44.11 (7.7 %)
Q2 2019 150.12 (6.0 %) 92.62 (6.6 %) 86.42 (6.7 %)
Q3 2019 129.60 (9.8 %) 79.31 (9.5 %) 75.70 (10.5 %)
Q4 2019 101.81 (30.3 %) 60.39 (40.9 %) 52.74 (43.5 %)
Q1 2020 94.39 (1.5 %) 49.54 4.4 % 41.82 (5.2 %)
Q2 2020 5.88 (96.1 %) (20.92) (122.6 %) (26.65) (130.8 %)
Q3 2020 4.55 (96.5 %) (21.46) (127.1 %) (29.37) (138.8 %)
Q4 2020 18.63 (81.7 %) (7.24) (112.0 %) (36.08) (168.4 %)
Q1 2021 23.31 (75.3 %) (2.95) (106.0 %) (8.94) (121.4 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2012 62.33 29.6 % 0.38 - 62.33 0.38
Q2 2012 127.16 (1.0 %) 0.77 - 127.16 0.77
Q3 2012 103.28 46.1 % 0.63 - 103.28 0.63
Q4 2012 86.29 14.5 % 0.52 - 86.29 0.52
Q1 2013 63.97 2.6 % 0.39 - 63.97 0.39
Q2 2013 110.72 (12.9 %) 0.67 - 110.72 0.67
Q3 2013 77.54 (24.9 %) 0.47 - 77.54 0.47
Q4 2013 71.84 (16.7 %) 0.44 - 71.84 0.44
Q1 2014 58.99 (7.8 %) 0.36 - 58.99 0.36
Q2 2014 97.01 (12.4 %) 0.59 - 97.01 0.59
Q3 2014 84.70 9.2 % 0.51 - 84.70 0.51
Q4 2014 86.39 20.3 % 0.52 - 86.39 0.52
Q1 2015 52.54 (10.9 %) 0.32 - 52.54 0.32
Q2 2015 106.56 9.8 % 0.65 - 106.56 0.65
Q3 2015 82.69 (2.4 %) 0.50 - 82.69 0.50
Q4 2015 68.85 (20.3 %) 0.42 - 68.85 0.42
Q1 2016 56.19 6.9 % 0.34 - 56.19 0.34
Q2 2016 113.75 6.7 % 0.69 - 113.75 0.69
Q3 2016 74.18 (10.3 %) 0.45 - 74.18 0.45
Q4 2016 54.43 (20.9 %) 0.33 - 54.43 0.33
Q1 2017 56.05 (0.2 %) 0.34 - 56.05 0.34
Q2 2017 106.38 (6.5 %) 0.65 - 106.38 0.65
Q3 2017 78.25 5.5 % 0.47 - 78.25 0.47
Q4 2017 23.20 (57.4 %) 0.14 - 23.20 0.14
Q1 2018 46.61 (16.9 %) 0.28 - 46.61 0.28
Q2 2018 70.09 (34.1 %) 0.43 - 70.09 0.43
Q3 2018 82.46 5.4 % 0.50 - 82.46 0.50
Q4 2018 84.31 263.3 % 0.51 - 84.31 0.51
Q1 2019 47.68 2.3 % 0.29 - 42.68 0.26
Q2 2019 87.19 24.4 % 0.53 - 84.19 0.51
Q3 2019 73.80 (10.5 %) 0.45 - 73.80 0.45
Q4 2019 27.46 (67.4 %) 0.17 - 21.15 0.13
Q1 2020 40.78 (14.5 %) 0.25 - 40.78 0.25
Q2 2020 (25.55) (129.3 %) (0.15) - (25.55) (0.15)
Q3 2020 (29.29) (139.7 %) (0.18) - (29.29) (0.18)
Q4 2020 (44.81) (263.2 %) (0.27) - (44.81) (0.27)
Q1 2021 (10.50) (125.8 %) (0.06) - (10.50) (0.06)

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2012 88.55 % 91.98 % 84.04 %
Q2 2012 88.67 % 91.04 % 82.05 %
Q3 2012 88.99 % 91.37 % 83.00 %
Q4 2012 89.34 % 91.20 % 83.22 %
Q1 2013 89.00 % 90.34 % 82.85 %
Q2 2013 88.10 % 90.24 % 83.22 %
Q3 2013 87.34 % 89.23 % 81.47 %
Q4 2013 86.13 % 89.42 % 78.15 %
Q1 2014 85.62 % 89.86 % 77.85 %
Q2 2014 84.78 % 89.40 % 76.29 %
Q3 2014 84.56 % 89.94 % 77.51 %
Q4 2014 85.65 % 90.13 % 78.80 %
Q1 2015 85.29 % 89.74 % 78.58 %
Q2 2015 85.98 % 90.35 % 79.65 %
Q3 2015 85.88 % 90.11 % 79.48 %
Q4 2015 85.63 % 88.72 % 77.92 %
Q1 2016 77.84 % 79.89 % 70.69 %
Q2 2016 69.37 % 70.49 % 62.42 %
Q3 2016 62.53 % 63.90 % 55.53 %
Q4 2016 56.66 % 57.94 % 49.87 %
Q1 2017 56.61 % 58.28 % 50.04 %
Q2 2017 55.39 % 57.41 % 49.52 %
Q3 2017 55.88 % 57.25 % 50.53 %
Q4 2017 54.81 % 55.92 % 46.84 %
Q1 2018 54.50 % 55.75 % 46.47 %
Q2 2018 54.95 % 56.08 % 42.29 %
Q3 2018 56.15 % 57.46 % 43.53 %
Q4 2018 61.79 % 63.18 % 51.65 %
Q1 2019 61.71 % 62.97 % 51.27 %
Q2 2019 61.59 % 63.03 % 54.81 %
Q3 2019 61.65 % 63.11 % 54.63 %
Q4 2019 58.61 % 60.49 % 46.47 %
Q1 2020 59.23 % 60.23 % 46.21 %
Q2 2020 50.75 % 52.34 % 33.22 %
Q3 2020 32.69 % 33.17 % 3.43 %
Q4 2020 (0.06 %) (16.29 %) (47.70 %)
Q1 2021 (100.38 %) (136.25 %) (210.34 %)


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
Q1 2012 164.82 2.04 2.04 22.87
Q2 2012 164.82 2.04 2.04 25.03
Q3 2012 164.82 2.23 2.23 25.14
Q4 2012 164.82 2.30 2.30 28.01
Q1 2013 164.82 2.31 2.31 31.55
Q2 2013 164.82 2.21 2.21 29.66
Q3 2013 164.82 2.05 2.05 30.47
Q4 2013 164.82 1.97 1.97 36.13
Q1 2014 164.82 1.94 1.94 44.54
Q2 2014 164.82 1.85 1.85 42.94
Q3 2014 164.82 1.90 1.90 43.19
Q4 2014 164.82 1.98 1.98 53.81
Q1 2015 164.82 1.95 1.95 58.21
Q2 2015 164.82 2.00 2.00 53.87
Q3 2015 164.82 1.99 1.99 45.37
Q4 2015 164.82 1.88 1.88 39.55
Q1 2016 164.82 1.91 1.91 49.59
Q2 2016 164.82 1.95 1.95 48.48
Q3 2016 164.82 1.90 1.90 47.44
Q4 2016 164.82 1.81 1.81 52.66
Q1 2017 164.82 1.81 1.81 51.59
Q2 2017 164.82 1.77 1.77 50.87
Q3 2017 164.82 1.79 1.79 47.87
Q4 2017 164.82 1.60 1.60 46.28
Q1 2018 164.82 1.54 1.54 39.74
Q2 2018 164.82 1.32 1.32 35.50
Q3 2018 164.82 1.35 1.35 33.20
Q4 2018 164.82 1.72 1.72 30.46
Q1 2019 164.82 1.73 1.70 30.14
Q2 2019 164.82 1.83 1.78 26.79
Q3 2019 164.82 1.78 1.73 25.78
Q4 2019 164.82 1.43 1.35 26.07
Q1 2020 164.82 1.39 1.33 23.75
Q2 2020 164.82 0.71 0.67 22.88
Q3 2020 164.82 0.08 0.04 30.08
Q4 2020 164.82 (0.36) (0.36) 27.08
Q1 2021 164.82 (0.67) (0.67) 26.10

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2012 18.94 18.94 1.69
Q2 2012 19.35 19.35 1.57
Q3 2012 17.91 17.91 1.59
Q4 2012 17.65 17.65 1.45
Q1 2013 18.18 18.18 1.33
Q2 2013 31.90 31.90 2.38
Q3 2013 32.38 32.38 2.18
Q4 2013 32.80 32.80 1.79
Q1 2014 44.29 44.29 1.93
Q2 2014 42.66 42.66 1.84
Q3 2014 44.52 44.52 1.95
Q4 2014 39.64 39.64 1.46
Q1 2015 52.43 52.43 1.75
Q2 2015 45.24 45.24 1.68
Q3 2015 37.47 37.47 1.64
Q4 2015 49.34 49.34 2.35
Q1 2016 43.78 43.78 1.68
Q2 2016 45.79 45.79 1.84
Q3 2016 46.87 46.87 1.88
Q4 2016 50.04 50.04 1.72
Q1 2017 58.24 58.24 2.04
Q2 2017 56.75 56.75 1.97
Q3 2017 47.97 47.97 1.79
Q4 2017 47.29 47.29 1.64
Q1 2018 49.72 49.72 1.93
Q2 2018 59.23 59.23 2.21
Q3 2018 60.78 60.78 2.47
Q4 2018 45.93 45.93 2.59
Q1 2019 42.86 43.63 2.46
Q2 2019 43.71 44.90 2.99
Q3 2019 40.95 42.10 2.82
Q4 2019 53.33 56.76 2.93
Q1 2020 41.92 43.69 2.45
Q2 2020 83.48 88.25 2.58
Q3 2020 More than 100 More than 100 2.18
Q4 2020 NEG NEG 2.36
Q1 2021 NEG NEG 2.42

Business Segments (Million)

Compared With The
Period Hilton hotel and Towers Commercial center Others Makkah Hilton hotel Makkah Hilton Towers
Q3 2012 - 27.71 1.39 43.23 52.26
Q4 2012 - 53.45 - 8.28 6.67
Q1 2013 - 34.75 0.71 20.22 27.76
Q2 2013 - 36.18 0.71 40.69 54.99
Q3 2013 - 37.66 0.97 28.53 35.43
Q4 2013 - 35.73 0.03 26.78 33.59
Q1 2014 - 36.14 0.74 17.25 24.45
Q2 2014 - 37.70 0.74 34.83 49.53
Q3 2014 - 35.69 1.14 29.26 39.46
Q4 2014 - 38.49 0.34 32.25 36.90
Q1 2015 - 36.28 0.44 14.29 20.54
Q2 2015 - 36.50 0.94 42.35 49.67
Q3 2015 - 35.96 1.26 28.04 38.69
Q4 2015 - 37.50 0.27 24.86 31.08
Q1 2016 80.49 36.47 0.53 - -
Q2 2016 162.24 36.85 0.83 - -
Q3 2016 114.37 36.61 1.47 - -
Q4 2016 91.92 36.62 0.30 - -
Q1 2017 76.72 37.47 0.90 - -
Q2 2017 151.22 39.22 0.91 - -
Q3 2017 109.48 37.62 1.66 - -
Q4 2017 70.38 37.49 0.30 - -
Q1 2018 62.03 36.30 0.93 - -
Q2 2018 120.76 37.77 1.05 - -
Q3 2018 104.72 37.21 1.78 - -
Q4 2018 104.39 41.31 0.42 - -
Q1 2019 56.89 37.54 1.39 - -
Q2 2019 115.00 33.98 1.13 - -
Q3 2019 93.19 34.25 2.16 - -
Q4 2019 52.97 48.47 0.37 - -
Q1 2020 53.97 39.21 1.21 - -
Q2 2020 0.52 5.36 - - -
Q3 2020 0.44 4.11 - - -
Q4 2020 4.45 13.87 0.30 - -
Q1 2021 4.90 18.31 0.10 - -


Financial Ratios
Current
Market Cap (M Riyal) 19,250.53
Enterprise Value (EV) (M) 18,735.43
Shares Outstanding ((M)) 164.82
EPS ( Riyal) (TTM) 2.32
Book Value (BV) ( Riyal) 28.32
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) More than 100
Price/book 4.12
Return on Average Assets (%) (TTM) 7.9
Return on Average Equity (%) (TTM) 9.1
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Share Price

Makkah Construction and Development Co.
116.80
1.80 1.57 %

Makkah Construction and Development Co. (MCDC)

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