Makkah Construction net profit slips 1% in 9M 2017

30/11/2017 Argaam Exclusive

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Share Price

Makkah Construction and Development Co. (MCDC)

Makkah Construction and Development Co.’s net profit edged down 1.2 percent year-on-year (YoY) to SAR 241 million in the first nine months of 2017.

The company attributed the profit decrease to lower revenue and occupancy rates, along with a decline in the number of hotel guests due to seasonal factors.

Financials (M)

Item	9m 2016	9m 2017	Change‬
Revenues	469.86	455.19	(3.1 %)
Gross Income	271.64	258.80	(4.7 %)
Operating Income	259.07	246.35	(4.9 %)
Net Income	244.11	240.69	(1.4 %)
Average Shares	164.82	164.82	-
EPS (Riyals)	1.48	1.46	(1.4 %)

Profit for third quarter grew by 5.4 percent YoY to SAR 78 million, as the company did not factor in a provision for potential zakat differences over previous years.

On a sequential basis, net profit fell by 26.4 percent.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2016	Q3 2017	Change‬
Revenues	152.45	148.76	(2.4 %)
Gross Income	83.46	84.31	1.0 %
Operating Income	80.66	80.29	(0.5 %)
Net Income	74.18	78.25	5.5 %
Average Shares	164.82	164.82	-
EPS (Riyals)	0.45	0.47	5.5 %

Item	Q2 2017	Q3 2017	Change‬
Revenues	191.35	148.76	(22.3 %)
Gross Income	114.09	84.31	(26.1 %)
Operating Income	108.49	80.29	(26.0 %)
Net Income	106.38	78.25	(26.4 %)
Average Shares	164.82	164.82	-
EPS (Riyals)	0.65	0.47	(26.4 %)

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
Q1 2008	62.75	79.2 %	51.40	114.6 %	46.88	128.3 %	0.28
Q2 2008	102.40	(8.0 %)	90.31	(9.4 %)	83.31	(13.2 %)	0.51
Q3 2008	61.87	(0.5 %)	50.57	(1.0 %)	49.20	4.9 %	0.30
Q4 2008	63.96	0.8 %	51.11	2.0 %	42.78	215.3 %	0.26
2008	290.97	7.0 %	243.39	8.3 %	222.17	25.5 %	1.35
Q1 2009	61.73	(1.6 %)	49.66	(3.4 %)	46.33	(1.2 %)	0.28
Q2 2009	83.45	(18.5 %)	71.03	(21.4 %)	66.29	(20.4 %)	0.40
Q3 2009	65.52	5.9 %	54.36	7.5 %	49.54	0.7 %	0.30
Q4 2009	67.94	6.2 %	57.29	12.1 %	52.46	22.6 %	0.32
2009	278.64	(4.2 %)	232.34	(4.5 %)	213.29	(4.0 %)	1.29
Q1 2010	58.34	(5.5 %)	47.75	(3.8 %)	42.51	(8.3 %)	0.26
Q2 2010	133.53	60.0 %	120.46	69.6 %	118.91	79.4 %	0.72
Q3 2010	82.18	25.4 %	69.50	27.8 %	62.81	26.8 %	0.38
Q4 2010	71.89	5.8 %	62.15	8.5 %	59.65	13.7 %	0.36
2010	345.93	24.2 %	299.86	29.1 %	283.88	33.1 %	1.72
Q1 2011	68.12	16.8 %	57.03	19.4 %	48.10	13.2 %	0.29
Q2 2011	146.17	9.5 %	133.66	11.0 %	128.41	8.0 %	0.78
Q3 2011	90.15	9.7 %	79.11	13.8 %	70.69	12.5 %	0.43
Q4 2011	85.01	18.3 %	72.98	17.4 %	75.35	26.3 %	0.46
2011	389.45	12.6 %	342.78	14.3 %	322.55	13.6 %	1.96
Q1 2012	79.41	16.6 %	69.12	21.2 %	62.33	29.6 %	0.38
Q2 2012	154.36	5.6 %	141.41	5.8 %	127.16	(1.0 %)	0.77
Q3 2012	124.77	38.4 %	111.22	40.6 %	103.28	46.1 %	0.63
Q4 2012	96.94	14.0 %	85.19	16.7 %	86.29	14.5 %	0.52
2012	455.47	17.0 %	406.94	18.7 %	379.06	17.5 %	2.30
Q1 2013	83.43	5.1 %	71.14	2.9 %	63.97	2.6 %	0.39
Q2 2013	132.56	(14.1 %)	118.07	(16.5 %)	110.72	(12.9 %)	0.67
Q3 2013	102.59	(17.8 %)	88.54	(20.4 %)	77.54	(24.9 %)	0.47
Q4 2013	96.12	(0.8 %)	79.45	(6.7 %)	71.84	(16.7 %)	0.44
2013	414.70	(9.0 %)	357.19	(12.2 %)	324.07	(14.5 %)	1.97
Q1 2014	78.58	(5.8 %)	64.84	(8.9 %)	58.99	(7.8 %)	0.36
Q2 2014	122.97	(7.2 %)	106.51	(9.8 %)	97.01	(12.4 %)	0.59
Q3 2014	105.54	2.9 %	90.17	1.8 %	84.70	9.2 %	0.51
Q4 2014	107.98	12.3 %	94.00	18.3 %	86.39	20.3 %	0.52
2014	414.89	0.0 %	355.32	(0.5 %)	326.91	0.9 %	1.98
Q1 2015	71.56	(8.9 %)	57.36	(11.5 %)	52.54	(10.9 %)	0.32
Q2 2015	129.46	5.3 %	114.91	7.9 %	106.56	9.8 %	0.65
Q3 2015	103.94	(1.5 %)	88.35	(2.0 %)	82.69	(2.4 %)	0.50
Q4 2015	93.71	(13.2 %)	80.75	(14.1 %)	68.85	(20.3 %)	0.42
2015	398.67	(3.9 %)	341.37	(3.9 %)	310.65	(5.0 %)	1.88
Q1 2016	117.49	64.2 %	62.04	8.2 %	56.19	6.9 %	0.34
Q2 2016	199.92	54.4 %	126.14	9.8 %	113.75	6.7 %	0.69
Q3 2016	152.45	46.7 %	83.46	(5.5 %)	74.18	(10.3 %)	0.45
Q4 2016	128.84	37.5 %	67.59	(16.3 %)	54.43	(20.9 %)	0.33
2016	598.70	50.2 %	339.23	(0.6 %)	298.55	(3.9 %)	1.81
Q1 2017	115.09	(2.0 %)	60.40	(2.7 %)	56.05	(0.2 %)	0.34
Q2 2017	191.35	(4.3 %)	114.09	(9.5 %)	106.38	(6.5 %)	0.65
Q3 2017	148.76	(2.4 %)	84.31	1.0 %	78.25	5.5 %	0.47

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
2007	271.89	11.7 %	224.83	23.1 %	177.00	7.0 %	1.07
2008	290.97	7.0 %	243.39	8.3 %	222.17	25.5 %	1.35
2009	278.64	(4.2 %)	232.34	(4.5 %)	213.29	(4.0 %)	1.29
2010	345.93	24.2 %	299.86	29.1 %	283.88	33.1 %	1.72
2011	389.45	12.6 %	342.78	14.3 %	322.55	13.6 %	1.96
2012	455.47	17.0 %	406.94	18.7 %	379.06	17.5 %	2.30
2013	414.70	(9.0 %)	357.19	(12.2 %)	324.07	(14.5 %)	1.97
2014	414.89	0.0 %	355.32	(0.5 %)	326.91	0.9 %	1.98
2015	398.67	(3.9 %)	341.37	(3.9 %)	310.65	(5.0 %)	1.88
2016	598.70	50.2 %	339.23	(0.6 %)	298.55	(3.9 %)	1.81

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	84.20 %	88.49 %	67.87 %
Q2 2008	83.55 %	87.76 %	65.58 %
Q3 2008	83.45 %	88.57 %	66.43 %
Q4 2008	83.65 %	89.60 %	76.35 %
2008	83.65 %	89.60 %	76.35 %
Q1 2009	83.34 %	89.38 %	76.43 %
Q2 2009	82.05 %	88.82 %	75.50 %
Q3 2009	82.34 %	88.54 %	74.62 %
Q4 2009	83.38 %	89.10 %	77.03 %
2009	83.38 %	89.10 %	76.55 %
Q1 2010	83.72 %	89.12 %	76.59 %
Q2 2010	86.03 %	90.79 %	80.98 %
Q3 2010	86.26 %	90.58 %	80.91 %
Q4 2010	86.68 %	90.61 %	80.65 %
2010	86.68 %	90.61 %	80.64 %
Q1 2011	86.91 %	89.98 %	80.00 %
Q2 2011	87.51 %	90.18 %	79.83 %
Q3 2011	88.21 %	90.81 %	80.23 %
Q4 2011	88.01 %	90.84 %	82.82 %
2011	88.01 %	90.84 %	82.82 %
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 %
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 %
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 %
2014	85.64 %	90.13 %	78.79 %
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 %
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 %
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 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
2007	82.69 %	87.15 %	65.10 %
2008	83.65 %	89.60 %	76.35 %
2009	83.38 %	89.10 %	76.55 %
2010	86.68 %	90.61 %	80.64 %
2011	88.01 %	90.84 %	82.82 %
2012	89.34 %	91.20 %	83.22 %
2013	86.13 %	89.42 %	78.15 %
2014	85.64 %	90.13 %	78.79 %
2015	85.63 %	88.72 %	77.92 %
2016	56.66 %	57.94 %	49.87 %

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
Q1 2008	81.91 %	89.71 %	74.71 %
Q2 2008	88.20 %	90.55 %	81.35 %
Q3 2008	81.74 %	90.27 %	79.52 %
Q4 2008	79.92 %	87.32 %	66.89 %
Q1 2009	80.45 %	88.70 %	75.06 %
Q2 2009	85.11 %	88.97 %	79.44 %
Q3 2009	82.97 %	89.04 %	75.61 %
Q4 2009	84.33 %	89.67 %	77.23 %
Q1 2010	81.86 %	88.77 %	72.87 %
Q2 2010	90.21 %	93.09 %	89.06 %
Q3 2010	84.56 %	88.53 %	76.43 %
Q4 2010	86.46 %	89.85 %	76.15 %
Q1 2011	83.72 %	85.74 %	70.61 %
Q2 2011	91.44 %	93.33 %	87.85 %
Q3 2011	87.75 %	91.31 %	78.41 %
Q4 2011	85.84 %	90.14 %	88.64 %
Q1 2012	87.04 %	92.21 %	78.49 %
Q2 2012	91.61 %	90.78 %	82.38 %
Q3 2012	89.15 %	92.42 %	82.78 %
Q4 2012	87.88 %	89.46 %	89.01 %
Q1 2013	85.26 %	87.45 %	76.68 %
Q2 2013	89.07 %	90.51 %	83.52 %
Q3 2013	86.31 %	88.82 %	75.58 %
Q4 2013	82.66 %	90.28 %	74.74 %
Q1 2014	82.51 %	89.64 %	75.07 %
Q2 2014	86.61 %	89.04 %	78.88 %
Q3 2014	85.43 %	90.89 %	80.25 %
Q4 2014	87.05 %	90.99 %	80.01 %
Q1 2015	80.16 %	87.34 %	73.43 %
Q2 2015	88.76 %	91.05 %	82.31 %
Q3 2015	84.99 %	89.92 %	79.55 %
Q4 2015	86.18 %	85.24 %	73.47 %
Q1 2016	52.81 %	54.45 %	47.83 %
Q2 2016	63.09 %	62.90 %	56.90 %
Q3 2016	54.75 %	59.38 %	48.66 %
Q4 2016	52.46 %	51.72 %	42.25 %
Q1 2017	52.48 %	56.12 %	48.70 %
Q2 2017	59.63 %	60.43 %	55.60 %
Q3 2017	56.67 %	58.84 %	52.60 %

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
Q1 2008	164.82	1.23	1.23	25.04
Q2 2008	164.82	1.16	1.16	22.86
Q3 2008	164.82	1.17	1.17	24.34
Q4 2008	164.82	1.35	1.35	22.50
Q1 2009	164.82	1.34	1.34	22.86
Q2 2009	164.82	1.24	1.24	23.84
Q3 2009	164.82	1.24	1.24	23.55
Q4 2009	164.82	1.30	1.30	22.75
Q1 2010	164.82	1.28	1.28	22.32
Q2 2010	164.82	1.60	1.60	22.67
Q3 2010	164.82	1.68	1.68	22.91
Q4 2010	164.82	1.72	1.69	20.89
Q1 2011	164.82	1.76	1.73	20.26
Q2 2011	164.82	1.81	1.78	20.65
Q3 2011	164.82	1.86	1.83	21.37
Q4 2011	164.82	1.96	1.96	22.74
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

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
2007	164.82	1.07	1.07	25.69
2008	164.82	1.35	1.35	22.50
2009	164.82	1.29	1.29	22.75
2010	164.82	1.72	1.69	20.89
2011	164.82	1.96	1.96	22.74
2012	164.82	2.30	2.30	28.01
2013	164.82	1.97	1.97	36.13
2014	164.82	1.98	1.98	53.81
2015	164.82	1.88	1.88	39.55
2016	164.82	1.81	1.81	52.66

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
Q1 2008	28.57	28.57	1.41
Q2 2008	34.36	34.36	1.74
Q3 2008	30.32	30.32	1.46
Q4 2008	17.36	17.36	1.04
Q1 2009	19.26	19.26	1.13
Q2 2009	22.72	22.72	1.18
Q3 2009	24.21	24.21	1.28
Q4 2009	20.66	20.66	1.18
Q1 2010	23.22	23.22	1.33
Q2 2010	18.21	18.21	1.28
Q3 2010	17.75	17.75	1.30
Q4 2010	17.48	17.78	1.44
Q1 2011	17.19	17.49	1.49
Q2 2011	17.48	17.77	1.53
Q3 2011	16.81	17.09	1.46
Q4 2011	17.88	17.88	1.54
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

Period	P/E	Adjusted P/E	Price/book
2007	41.44	41.44	1.73
2008	17.36	17.36	1.04
2009	20.79	20.79	1.18
2010	17.48	17.78	1.44
2011	17.88	17.88	1.54
2012	17.65	17.65	1.45
2013	32.80	32.80	1.79
2014	39.66	39.66	1.46
2015	49.34	49.34	2.35
2016	50.04	50.04	1.72

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	-	-

Period	Hilton hotel and Towers	Commercial center	Others..	Makkah Hilton hotel	Makkah Hilton Towers
2012	-	133.34	2.76	156.35	163.03
2013	-	144.32	2.42	116.20	151.77
2014	-	148.02	2.96	113.59	150.32
2015	-	146.24	2.92	109.53	139.98
2016	449.03	146.55	3.13	-	-

Financial Ratios

	Current
Market Cap (M Riyal)	15,789.39
Enterprise Value (EV) (M)	15,274.29
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)	43.47
P/E (TTM)	41.24
Price/book	3.38
Return on Average Assets (%) (TTM)	7.9
Return on Average Equity (%) (TTM)	9.1

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Makkah Construction net profit slips 1% in 9M 2017

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Share Price

Makkah Construction and Development Co. (MCDC)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million)

Revenue by Business Segment (Latest) 2017 Q3

Financial Ratios

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Makkah Construction net profit slips 1% in 9M 2017

View other reports

Share Price

Makkah Construction and Development Co. (MCDC)

Financials (M)

Current Quarter Comparison (M)

Financial results (Million)

Financial results (Million)

Profitability

Profitability

Per Share Data (Riyal)

Per Share Data (Riyal)

Multiple Ratios (End of Period Price)

Ratios And Multiples

Business Segments (Million) Q3 2017

Revenue by Business Segment (Latest) 2017 Q3

Financial Ratios

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Business Segments (Million)