Makkah Construction incurs SAR 14 mln loss for H1 2021

02/08/2021 Argaam Exclusive

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Makkah Construction and Development Co. (MCDC) reported a net loss after Zakat and tax of SAR 14 million for the first half of 2021, versus a net profit of SAR 15 million in the prior-year period, due to lower revenue and occupancy rates in Makkah Hotel and Towers.

The company also cited a decline in the number of visitors and pilgrims on the COVID-19 lockdown measures.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	100.26	56.62	(43.5 %)
Gross Income	28.62	0.27	(99.1 %)
Operating Income	15.18	(12.00)	(179.1 %)
Net Income	15.23	(14.33)	(194.1 %)
Average Shares	200.00	200.00	-
EPS (Riyals)	0.08	(0.07)	(194.1 %)

In Q2 2021, the company cut net losses after Zakat and tax by 84% to SAR 4 million from SAR 25 million a year earlier, thanks to a rise in the number of visitors and pilgrims as well as mall shoppers amid partial lifting of the COVID-19 restrictions.

On a sequential basis, the company narrowed net loss after Zakat and tax by 63.6%.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	5.88	33.31	466.7 %
Gross Income	(20.92)	3.22	115.4 %
Operating Income	(26.65)	(3.06)	88.5 %
Net Income	(25.55)	(3.82)	85.0 %
Average Shares	200.00	200.00	-
EPS (Riyals)	(0.13)	(0.02)	85.0 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	23.31	33.31	42.9 %
Gross Income	(2.95)	3.22	209.1 %
Operating Income	(8.94)	(3.06)	65.8 %
Net Income	(10.50)	(3.82)	63.6 %
Average Shares	200.00	200.00	-
EPS (Riyals)	(0.05)	(0.02)	63.6 %

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