Makkah Construction and Development Co. reported net profit after Zakat and tax of SAR 41 million, a decline of 15% year-on-year (YoY) for the three-month period ending on March 24, 2020, driven by lower revenue and decreased occupancy rates in the hotel residential units, on the wake of the Kingdom's precautionary measures to curb COVID-19 outbreak.
| Item | Q1 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 95.82 | 94.39 | (1.5 %) |
| Gross Income | 47.45 | 49.54 | 4.4 % |
| Operating Income | 44.11 | 41.82 | (5.2 %) |
| Net Income | 47.68 | 40.78 | (14.5 %) |
| Average Shares | 164.82 | 164.82 | - |
| EPS (Riyals) | 0.29 | 0.25 | (14.5 %) |
| Item | Q4 2019 | Q1 2020 | Change |
|---|---|---|---|
| Revenues | 101.81 | 94.39 | (7.3 %) |
| Gross Income | 60.39 | 49.54 | (18.0 %) |
| Operating Income | 52.74 | 41.82 | (20.7 %) |
| Net Income | 27.46 | 40.78 | 48.5 % |
| Average Shares | 164.82 | 164.82 | - |
| EPS (Riyals) | 0.17 | 0.25 | 48.5 % |
On a sequential basis, Q1 2020 net profit jumped 51.85%, as Q4 2019 included Zakat provisions.
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