Makkah Construction turns to SAR 11 mln loss for Q1 2021

22/04/2021 Argaam Exclusive

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Share Price

Makkah Construction and Development Co. (MCDC)

Makkah Construction and Development Co. (MCDC) reported net loss after Zakat and tax of SAR 11 million for Q1 2021, versus net profit of SAR 41 million in prior-year period, due to lower revenue and decreased occupancy rates in Makkah hotel and towers.

The company also cited lower number of visitors as well as pilgrims on the COVID-19 lockdown measures.

On a sequential basis, the company narrowed net loss after zakat and tax by 75.56%.

Current Quarter Comparison (M)

Compared With The

Item	Q1 2020	Q1 2021	Change‬
Revenues	94.39	23.31	(75.3 %)
Gross Income	49.54	(2.95)	(106.0 %)
Operating Income	41.82	(8.94)	(121.4 %)
Net Income	40.78	(10.50)	(125.8 %)
Average Shares	164.82	164.82	-
EPS (Riyals)	0.25	(0.06)	(125.8 %)

Item	Q4 2020	Q1 2021	Change‬
Revenues	18.63	23.31	25.1 %
Gross Income	(7.24)	(2.95)	59.3 %
Operating Income	(36.08)	(8.94)	75.2 %
Net Income	(44.81)	(10.50)	76.6 %
Average Shares	164.82	164.82	-
EPS (Riyals)	(0.27)	(0.06)	76.6 %

Financial results (Million)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
Q4 2017	108.17	(16.0 %)	49.98	(26.0 %)	23.20	(57.4 %)	0.14
2017	563.36	(5.9 %)	308.78	(9.0 %)	263.89	(11.6 %)	1.60
Q1 2018	99.29	(13.7 %)	50.03	(17.2 %)	46.61	(16.9 %)	0.28
Q2 2018	159.64	(16.6 %)	99.15	(13.1 %)	70.09	(34.1 %)	0.43
Q3 2018	143.71	(3.4 %)	87.68	4.0 %	82.46	5.4 %	0.50
Q4 2018	146.13	35.1 %	102.21	104.5 %	84.31	263.3 %	0.51
2018	548.67	(2.6 %)	339.06	9.8 %	282.78	7.2 %	1.72
Q1 2019	95.82	(3.5 %)	47.45	(5.2 %)	47.68	2.3 %	0.29
Q2 2019	150.12	(6.0 %)	92.62	(6.6 %)	87.19	24.4 %	0.53
Q3 2019	129.60	(9.8 %)	79.31	(9.5 %)	73.80	(10.5 %)	0.45
Q4 2019	101.81	(30.3 %)	60.39	(40.9 %)	27.46	(67.4 %)	0.17
2019	477.34	(13.0 %)	279.77	(17.5 %)	236.13	(16.5 %)	1.43
Q1 2020	94.39	(1.5 %)	49.54	4.4 %	40.78	(14.5 %)	0.25
Q2 2020	5.88	(96.1 %)	(20.92)	(122.6 %)	(25.55)	(129.3 %)	(0.15)
Q3 2020	4.55	(96.5 %)	(21.46)	(127.1 %)	(29.29)	(139.7 %)	(0.18)
Q4 2020	18.63	(81.7 %)	(7.24)	(112.0 %)	(44.81)	(263.2 %)	(0.27)
2020	123.44	(74.1 %)	(0.08)	(100.0 %)	(58.88)	(124.9 %)	(0.36)
Q1 2021	23.31	(75.3 %)	(2.95)	(106.0 %)	(10.50)	(125.8 %)	(0.06)

Period	Revenues	Change	Gross Income	Change	Net Income	Change	EPS(Riyal)
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
2017	563.36	(5.9 %)	308.78	(9.0 %)	263.89	(11.6 %)	1.60
2018	548.67	(2.6 %)	339.06	9.8 %	282.78	7.2 %	1.72
2019	477.34	(13.0 %)	279.77	(17.5 %)	236.13	(16.5 %)	1.43
2020	123.44	(74.1 %)	(0.08)	(100.0 %)	(58.88)	(124.9 %)	(0.36)

Profitability

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2017	54.81 %	55.92 %	46.84 %
2017	54.81 %	55.92 %	46.84 %
Q1 2018	54.50 %	55.75 %	46.47 %
Q2 2018	54.95 %	56.08 %	42.29 %
Q3 2018	56.15 %	57.46 %	43.53 %
Q4 2018	61.79 %	63.18 %	51.65 %
2018	61.80 %	63.19 %	51.54 %
Q1 2019	61.71 %	62.97 %	51.27 %
Q2 2019	61.59 %	63.03 %	54.81 %
Q3 2019	61.65 %	63.11 %	54.63 %
Q4 2019	58.61 %	60.49 %	46.47 %
2019	58.61 %	60.49 %	46.47 %
Q1 2020	59.23 %	60.23 %	46.21 %
Q2 2020	50.75 %	52.34 %	33.22 %
Q3 2020	32.69 %	33.17 %	3.43 %
Q4 2020	(0.06 %)	(16.29 %)	(47.70 %)
2020	(0.06 %)	(16.29 %)	(47.70 %)
Q1 2021	(100.38 %)	(136.25 %)	(210.34 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
2017	54.81 %	55.92 %	46.84 %
2018	61.80 %	63.19 %	51.54 %
2019	58.61 %	60.49 %	46.47 %
2020	(0.06 %)	(16.29 %)	(47.70 %)

Period	Gross Margin	OIBDA Margin	Net Margin Before Unusual Items
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 %
Q4 2017	46.21 %	43.71 %	21.45 %
Q1 2018	50.39 %	55.22 %	46.94 %
Q2 2018	62.11 %	62.43 %	43.91 %
Q3 2018	61.01 %	63.83 %	57.38 %
Q4 2018	69.94 %	68.77 %	57.69 %
Q1 2019	49.52 %	53.71 %	44.55 %
Q2 2019	61.70 %	62.63 %	56.08 %
Q3 2019	61.19 %	64.24 %	56.95 %
Q4 2019	59.32 %	58.93 %	20.78 %
Q1 2020	52.49 %	52.30 %	43.20 %
Q2 2020	(355.82 %)	(323.75 %)	(434.62 %)
Q3 2020	(471.59 %)	(478.99 %)	(643.68 %)
Q4 2020	(38.87 %)	(153.72 %)	(240.56 %)
Q1 2021	(12.66 %)	(8.12 %)	(45.05 %)

Per Share Data (Riyal)

Compared With The

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
Q4 2017	164.82	1.60	1.60	46.28
Q1 2018	164.82	1.54	1.54	39.74
Q2 2018	164.82	1.32	1.32	35.50
Q3 2018	164.82	1.35	1.35	33.20
Q4 2018	164.82	1.72	1.72	30.46
Q1 2019	164.82	1.73	1.70	30.14
Q2 2019	164.82	1.83	1.78	26.79
Q3 2019	164.82	1.78	1.73	25.78
Q4 2019	164.82	1.43	1.35	26.07
Q1 2020	164.82	1.39	1.33	23.75
Q2 2020	164.82	0.71	0.67	22.88
Q3 2020	164.82	0.08	0.04	30.08
Q4 2020	164.82	(0.36)	(0.36)	27.08
Q1 2021	164.82	(0.67)	(0.67)	26.10

Period	Shares Outstanding (M)	EPS (Riyal)	Adjusted EPS (Riyal)	Book Value (BV)
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
2017	164.82	1.60	1.60	46.28
2018	164.82	1.72	1.72	30.46
2019	164.82	1.43	1.35	26.07
2020	164.82	(0.36)	(0.36)	27.08

Multiple Ratios (End of Period Price)

Compared With The

Period	P/E	Adjusted P/E	Price/book
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
Q4 2017	47.29	47.29	1.64
Q1 2018	49.72	49.72	1.93
Q2 2018	59.23	59.23	2.21
Q3 2018	60.78	60.78	2.47
Q4 2018	45.93	45.93	2.59
Q1 2019	42.86	43.63	2.46
Q2 2019	43.71	44.90	2.99
Q3 2019	40.95	42.10	2.82
Q4 2019	53.33	56.76	2.93
Q1 2020	41.92	43.69	2.45
Q2 2020	83.48	88.25	2.58
Q3 2020	More than 100	More than 100	2.18
Q4 2020	NEG	NEG	2.36
Q1 2021	NEG	NEG	2.42

Period	P/E	Adjusted P/E	Price/book
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
2017	47.29	47.29	1.64
2018	46.04	46.04	2.59
2019	53.33	56.76	2.93
2020	NEG	NEG	2.36

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	-	-
Q4 2017	70.38	37.49	0.30	-	-
Q1 2018	62.03	36.30	0.93	-	-
Q2 2018	120.76	37.77	1.05	-	-
Q3 2018	104.72	37.21	1.78	-	-
Q4 2018	104.39	41.31	0.42	-	-
Q1 2019	56.89	37.54	1.39	-	-
Q2 2019	115.00	33.98	1.13	-	-
Q3 2019	93.19	34.25	2.16	-	-
Q4 2019	52.97	48.47	0.37	-	-
Q1 2020	53.97	39.21	1.21	-	-
Q2 2020	0.52	5.36	-	-	-
Q3 2020	0.44	4.11	-	-	-
Q4 2020	4.45	13.87	0.30	-	-
Q1 2021	4.90	18.31	0.10	-	-

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	-	-
2017	407.79	151.79	3.77	-	-
2018	391.91	152.59	4.17	-	-
2019	318.05	154.23	5.06	-	-
2020	59.38	62.55	1.51	-	-

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 turns to SAR 11 mln loss for Q1 2021

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Share Price

Makkah Construction and Development Co. (MCDC)

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) 2021 Q1

Financial Ratios

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Makkah Construction turns to SAR 11 mln loss for Q1 2021

View other reports

Share Price

Makkah Construction and Development Co. (MCDC)

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) Q1 2021

Revenue by Business Segment (Latest) 2021 Q1

Financial Ratios

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Business Segments (Million)