Makkah Construction and Development Co. (MCDC) trimmed net losses after Zakat and tax to SAR 2.6 million for the first nine months of 2021 from SAR 14.1 million in the prior-year period.
The losses narrowed as the decline in the cost of revenue exceeded the drop in revenue. Moreover, some items of general and administrative expenses were lower. The decline in losses came despite lower revenue and occupancy rates at Makkah Hotel and Towers, due to a drop in the number of visitors and pilgrims on the COVID-19 lockdown measures.
| Item | 9m 2020 | 9m 2021 | Change |
|---|---|---|---|
| Revenues | 104.82 | 101.29 | (3.4 %) |
| Gross Income | 7.16 | 23.80 | 232.3 % |
| Operating Income | (14.19) | 0.82 | 105.8 % |
| Net Income | (14.06) | (2.56) | 81.8 % |
| Average Shares | 164.82 | 164.82 | - |
| EPS (Riyals) | (0.09) | (0.02) | 81.8 % |
In Q3 2021, the company swung to a net profit after Zakat and tax of SAR 12 million against a net loss of SAR 29 million a year earlier, driven by a relative increase in revenue and occupancy rates of residential rooms in Makkah Hotel and Towers, due to a rise in the number of visitors and pilgrims. The company also cited a relative increase in the revenue of shops in the mall, as the Kingdom partially eased the COVID-19 precautionary measures, along with a a decrease in some items of general and administrative expenses.
| Item | Q3 2020 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 4.55 | 44.67 | 881.5 % |
| Gross Income | (21.46) | 23.53 | 209.6 % |
| Operating Income | (29.37) | 12.82 | 143.7 % |
| Net Income | (29.29) | 11.76 | 140.2 % |
| Average Shares | 164.82 | 164.82 | - |
| EPS (Riyals) | (0.18) | 0.07 | 140.2 % |
| Item | Q2 2021 | Q3 2021 | Change |
|---|---|---|---|
| Revenues | 33.31 | 44.67 | 34.1 % |
| Gross Income | 3.22 | 23.53 | 630.7 % |
| Operating Income | (3.06) | 12.82 | 519.6 % |
| Net Income | (3.82) | 11.76 | 407.7 % |
| Average Shares | 164.82 | 164.82 | - |
| EPS (Riyals) | (0.02) | 0.07 | 407.7 % |
Makkah Construction incurred a net loss of SAR 4 million in Q2 2021.
Shareholders’ equity, after minority interest, was 6.1% down to SAR 4.655 billion as of Sept. 30, 2021 compared to SAR 4.957 billion a year earlier.
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