Makkah Construction swings to SAR 59 mln loss for 2020

09/03/2021 Argaam Exclusive

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Makkah Construction and Development Co. turned to a net loss after Zakat and tax of SAR 59 million for 2020, from a net profit of SAR 236 million in 2019.



Financials (M)

Item 2019 2020 Change‬
Revenues 477.34 123.44 (74.1 %)
Gross Income 279.77 (0.08) (100.0 %)
Operating Income 258.97 (50.27) (119.4 %)
Net Income 236.13 (58.88) (124.9 %)
Average Shares 200.00 200.00 -
Earnings Per Share before unusual items (Riyals) 1.11 (0.29) (126.5 %)
EPS (Riyals) 1.18 (0.29) (124.9 %)

The loss was driven by lower revenue and decreased occupancy rates in Makkah Hotel and Towers due to the COVID-19 outbreak and the precautionary lockdown measures.

 

The company also cited provisions to hedge against potential credit losses and Zakat for previous years.

 

The developer also reported a net loss after Zakat and tax of SAR 44.9 million in the fourth quarter of 2020.



Current Quarter Comparison (M)

Compared With The
Item Q4 2019 Q4 2020 Change‬
Revenues 101.81 18.63 (81.7 %)
Gross Income 60.39 (7.24) (112.0 %)
Operating Income 52.74 (36.08) (168.4 %)
Net Income 27.46 (44.81) (263.2 %)
Average Shares 200.00 200.00 -
Earnings Per Share before unusual items (Riyals) 0.11 (0.22) (311.8 %)
EPS (Riyals) 0.14 (0.22) (263.2 %)

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Share Price

Makkah Construction and Development Co. (MCDC)


Current
Market Cap (M Riyal) 20,000.00
Enterprise Value (EV) (M) 19,879.16
Shares Outstanding ((M)) 200.00
EPS ( Riyal) (TTM) 2.06
Book Value (BV) ( Riyal) 20.27
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 49.24
P/E (TTM) 48.66
Price/book 4.93
Return on Average Assets (%) (TTM) 9.0
Return on Average Equity (%) (TTM) 10.1

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