Makkah Construction and Development Co. reported net profit after Zakat and tax of SAR 15 million for the six-month period ending June 21, 2020, down 89% year-on-year (YoY), driven by lower revenue, decreased occupancy rates, and the closure of shops on the lockdown measures.
| Item | 6m 2019 | 6m 2020 | Change |
|---|---|---|---|
| Revenues | 245.93 | 100.26 | (59.2 %) |
| Gross Income | 140.08 | 28.62 | (79.6 %) |
| Operating Income | 130.53 | 15.18 | (88.4 %) |
| Net Income | 134.87 | 15.23 | (88.7 %) |
| Average Shares | 164.82 | 164.82 | - |
| EPS (Riyals) | 0.82 | 0.09 | (88.7 %) |
The company reported net loss after Zakat and tax of SAR 25 million, versus net profit of SAR 87 million in year-earlier period, due to lower revenue, lower occupancy rates, and the closure of shops on the lockdown measures.
On a quarter-on-quarter basis, the company turned to loss in Q2, versus SAR 42 million in profit in Q1 2020.
| Item | Q2 2019 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 150.12 | 5.88 | (96.1 %) |
| Gross Income | 92.62 | (20.92) | (122.6 %) |
| Operating Income | 86.42 | (26.65) | (130.8 %) |
| Net Income | 87.19 | (25.55) | (129.3 %) |
| Average Shares | 164.82 | 164.82 | - |
| EPS (Riyals) | 0.53 | (0.15) | (129.3 %) |
| Item | Q1 2020 | Q2 2020 | Change |
|---|---|---|---|
| Revenues | 94.39 | 5.88 | (93.8 %) |
| Gross Income | 49.54 | (20.92) | (142.2 %) |
| Operating Income | 41.82 | (26.65) | (163.7 %) |
| Net Income | 40.78 | (25.55) | (162.6 %) |
| Average Shares | 164.82 | 164.82 | - |
| EPS (Riyals) | 0.25 | (0.15) | (162.6 %) |
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