Makkah Construction and Development Co.’s net profit after Zakat and tax plunged 17% year-on-year (YoY) to SAR 236 million for the fiscal year 2019, as compared to SAR 283 million in the same period a year earlier.
The profit decline is attributed to a decrease in revenues and occupancy rates for hotel and tower rooms due to a fall in the number of visitors, as well as an increase in the credit loss provisions, the company said in a bourse statement.
| Item | 2018 | 2019 | Change |
|---|---|---|---|
| Revenues | 548.67 | 477.34 | (13.0 %) |
| Gross Income | 339.06 | 279.77 | (17.5 %) |
| Operating Income | 318.33 | 258.97 | (18.6 %) |
| Net Income | 282.78 | 236.13 | (16.5 %) |
| Average Shares | 164.82 | 164.82 | - |
| EPS (Riyals) | 1.72 | 1.43 | (16.5 %) |
Q4 2019 net profit dropped by 68% YoY to reach SAR 27.3 million.
| Item | Q4 2018 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 146.13 | 101.81 | (30.3 %) |
| Gross Income | 102.21 | 60.39 | (40.9 %) |
| Operating Income | 93.35 | 52.74 | (43.5 %) |
| Net Income | 84.31 | 27.46 | (67.4 %) |
| Average Shares | 164.82 | 164.82 | - |
| EPS (Riyals) | 0.51 | 0.17 | (67.4 %) |
| Item | Q3 2019 | Q4 2019 | Change |
|---|---|---|---|
| Revenues | 129.60 | 101.81 | (21.4 %) |
| Gross Income | 79.31 | 60.39 | (23.8 %) |
| Operating Income | 75.70 | 52.74 | (30.3 %) |
| Net Income | 73.80 | 27.46 | (62.8 %) |
| Average Shares | 164.82 | 164.82 | - |
| EPS (Riyals) | 0.45 | 0.17 | (62.8 %) |
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