Makkah Construction and Development Co. (MCDC) reported a net loss after Zakat and tax of SAR 14 million for the first half of 2021, versus a net profit of SAR 15 million in the prior-year period, due to lower revenue and occupancy rates in Makkah Hotel and Towers.
The company also cited a decline in the number of visitors and pilgrims on the COVID-19 lockdown measures.
| Item | 6m 2020 | 6m 2021 | Change |
|---|---|---|---|
| Revenues | 100.26 | 56.62 | (43.5 %) |
| Gross Income | 28.62 | 0.27 | (99.1 %) |
| Operating Income | 15.18 | (12.00) | (179.1 %) |
| Net Income | 15.23 | (14.33) | (194.1 %) |
| Average Shares | 164.82 | 164.82 | - |
| EPS (Riyals) | 0.09 | (0.09) | (194.1 %) |
In Q2 2021, the company cut net losses after Zakat and tax by 84% to SAR 4 million from SAR 25 million a year earlier, thanks to a rise in the number of visitors and pilgrims as well as mall shoppers amid partial lifting of the COVID-19 restrictions.
On a sequential basis, the company narrowed net loss after Zakat and tax by 63.6%.
| Item | Q2 2020 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 5.88 | 33.31 | 466.7 % |
| Gross Income | (20.92) | 3.22 | 115.4 % |
| Operating Income | (26.65) | (3.06) | 88.5 % |
| Net Income | (25.55) | (3.82) | 85.0 % |
| Average Shares | 164.82 | 164.82 | - |
| EPS (Riyals) | (0.15) | (0.02) | 85.0 % |
| Item | Q1 2021 | Q2 2021 | Change |
|---|---|---|---|
| Revenues | 23.31 | 33.31 | 42.9 % |
| Gross Income | (2.95) | 3.22 | 209.1 % |
| Operating Income | (8.94) | (3.06) | 65.8 % |
| Net Income | (10.50) | (3.82) | 63.6 % |
| Average Shares | 164.82 | 164.82 | - |
| EPS (Riyals) | (0.06) | (0.02) | 63.6 % |
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