Makkah Construction’s profit rises 0.4% in nine months ending Nov. 12

Makkah Construction’s profit rises 0.4% in nine months ending Nov. 12

03/12/2015 Argaam Exclusive

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Makkah Construction and Development Co. reported a net profit of SAR 242 million for the nine months ending November 12, marking a year-on-year (YOY) increase of 0.41 percent supported by gains made from a Murabaha agreement.



Financials (M)

Item 9m 2014 9m 2015 Change‬
Revenues 306.91 304.96 (0.6 %)
Gross Income 261.33 260.62 (0.3 %)
Operating Income 252.51 251.73 (0.3 %)
Net Income 240.52 241.80 0.5 %
Average Shares 200.00 200.00 -
Earnings Per Share before unusual items 1.20 1.21 0.5 %
EPS (Riyals) 1.20 1.21 0.5 %

 

The company’s net profit fell 2.4 percent YOY to SAR 83 million during its third quarter (three months ending November 12) on lower occupancy rates amid a decline in the number of pilgrims and visitors during the Hajj season.



Current Quarter Comparison (M)

Compared With The
Item Q3 2014 Q3 2015 Change‬
Revenues 105.54 103.94 (1.5 %)
Gross Income 90.17 88.35 (2.0 %)
Operating Income 88.46 86.16 (2.6 %)
Net Income 84.70 82.69 (2.4 %)
Average Shares 200.00 200.00 -
Earnings Per Share before unusual items 0.42 0.41 (2.4 %)
EPS (Riyals) 0.42 0.41 (2.4 %)


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
Q1 2006 46.04 (13.2 %) 27.12 (21.4 %) 24.12 (26.8 %)
Q2 2006 106.71 15.2 % 85.61 17.1 % 75.64 9.0 %
Q3 2006 80.23 7.3 % 61.91 14.1 % 52.47 4.0 %
Q4 2006 41.21 39.5 % 9.39 23.3 % 9.27 256.8 %
Q1 2007 35.02 (23.9 %) 23.95 (11.7 %) 20.31 (15.8 %)
Q2 2007 111.27 4.3 % 99.69 16.4 % 95.83 26.7 %
Q3 2007 62.16 (22.5 %) 51.10 (17.5 %) 46.81 (10.8 %)
Q4 2007 63.43 53.9 % 50.10 433.7 % 44.62 381.5 %
Q1 2008 62.75 79.2 % 51.40 114.6 % 49.09 141.7 %
Q2 2008 102.40 (8.0 %) 90.31 (9.4 %) 85.43 (10.9 %)
Q3 2008 61.87 (0.5 %) 50.57 (1.0 %) 48.52 3.7 %
Q4 2008 63.96 0.8 % 51.11 2.0 % 46.45 4.1 %
Q1 2009 61.73 (1.6 %) 49.66 (3.4 %) 47.63 (3.0 %)
Q2 2009 83.45 (18.5 %) 71.03 (21.4 %) 67.36 (21.1 %)
Q3 2009 65.52 5.9 % 54.36 7.5 % 51.55 6.2 %
Q4 2009 67.94 6.2 % 57.29 12.1 % 54.23 16.7 %
Q1 2010 58.34 (5.5 %) 47.75 (3.8 %) 44.94 (5.6 %)
Q2 2010 133.53 60.0 % 120.46 69.6 % 117.54 74.5 %
Q3 2010 82.18 25.4 % 69.50 27.8 % 66.15 28.3 %
Q4 2010 71.89 5.8 % 62.15 8.5 % 58.08 7.1 %
Q1 2011 68.12 16.8 % 57.03 19.4 % 51.99 15.7 %
Q2 2011 146.17 9.5 % 133.66 11.0 % 129.81 10.4 %
Q3 2011 90.15 9.7 % 79.11 13.8 % 75.78 14.6 %
Q4 2011 85.01 18.3 % 72.98 17.4 % 70.21 20.9 %
Q1 2012 79.41 16.6 % 69.12 21.2 % 66.73 28.4 %
Q2 2012 154.36 5.6 % 141.41 5.8 % 133.63 2.9 %
Q3 2012 124.77 38.4 % 111.22 40.6 % 108.68 43.4 %
Q4 2012 96.94 14.0 % 85.19 16.7 % 80.32 14.4 %
Q1 2013 83.43 5.1 % 71.14 2.9 % 66.21 (0.8 %)
Q2 2013 132.56 (14.1 %) 118.07 (16.5 %) 113.17 (15.3 %)
Q3 2013 102.59 (17.8 %) 88.54 (20.4 %) 84.33 (22.4 %)
Q4 2013 96.12 (0.8 %) 79.45 (6.7 %) 75.23 (6.3 %)
Q1 2014 78.58 (5.8 %) 64.84 (8.9 %) 62.42 (5.7 %)
Q2 2014 122.97 (7.2 %) 106.51 (9.8 %) 101.81 (10.0 %)
Q3 2014 105.54 2.9 % 90.17 1.8 % 88.46 4.9 %
Q4 2014 107.98 12.3 % 94.00 18.3 % 90.78 20.7 %
Q1 2015 71.56 (8.9 %) 57.36 (11.5 %) 55.17 (11.6 %)
Q2 2015 129.46 5.3 % 114.91 7.9 % 110.40 8.4 %
Q3 2015 103.94 (1.5 %) 88.35 (2.0 %) 86.16 (2.6 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
Q1 2006 24.12 (26.8 %) 0.12 - 24.12 0.12
Q2 2006 79.57 14.7 % 0.40 - 79.57 0.40
Q3 2006 46.42 (7.9 %) 0.23 - 46.42 0.23
Q4 2006 22.74 (31.2 %) 0.11 - 22.74 0.11
Q1 2007 20.53 (14.9 %) 0.10 - 20.53 0.10
Q2 2007 95.98 20.6 % 0.48 - 95.98 0.48
Q3 2007 46.91 1.1 % 0.23 - 46.91 0.23
Q4 2007 13.57 (40.3 %) 0.07 - 13.57 0.07
Q1 2008 46.88 128.3 % 0.23 - 46.88 0.23
Q2 2008 83.31 (13.2 %) 0.42 - 83.31 0.42
Q3 2008 49.20 4.9 % 0.25 - 49.20 0.25
Q4 2008 42.78 215.3 % 0.21 - 42.78 0.21
Q1 2009 46.33 (1.2 %) 0.23 - 46.33 0.23
Q2 2009 66.29 (20.4 %) 0.33 - 66.29 0.33
Q3 2009 49.54 0.7 % 0.25 - 49.54 0.25
Q4 2009 52.46 22.6 % 0.26 - 52.46 0.26
Q1 2010 42.51 (8.3 %) 0.21 - 42.51 0.21
Q2 2010 118.91 79.4 % 0.59 - 118.91 0.59
Q3 2010 62.81 26.8 % 0.31 - 62.81 0.31
Q4 2010 59.65 13.7 % 0.30 4.91 54.74 0.27
Q1 2011 48.10 13.2 % 0.24 - 48.10 0.24
Q2 2011 128.41 8.0 % 0.64 - 128.41 0.64
Q3 2011 70.69 12.5 % 0.35 - 70.69 0.35
Q4 2011 75.35 26.3 % 0.38 - 75.35 0.38
Q1 2012 62.33 29.6 % 0.31 - 62.33 0.31
Q2 2012 127.16 (1.0 %) 0.64 - 127.16 0.64
Q3 2012 103.28 46.1 % 0.52 - 103.28 0.52
Q4 2012 86.29 14.5 % 0.43 - 86.29 0.43
Q1 2013 63.97 2.6 % 0.32 - 63.97 0.32
Q2 2013 110.72 (12.9 %) 0.55 - 110.72 0.55
Q3 2013 77.54 (24.9 %) 0.39 - 77.54 0.39
Q4 2013 71.84 (16.7 %) 0.36 - 71.84 0.36
Q1 2014 58.99 (7.8 %) 0.29 - 58.99 0.29
Q2 2014 97.01 (12.4 %) 0.49 - 97.01 0.49
Q3 2014 84.70 9.2 % 0.42 - 84.70 0.42
Q4 2014 86.39 20.3 % 0.43 - 86.39 0.43
Q1 2015 52.54 (10.9 %) 0.26 - 52.54 0.26
Q2 2015 106.56 9.8 % 0.53 - 106.56 0.53
Q3 2015 82.69 (2.4 %) 0.41 - 82.69 0.41

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
Q1 2006 66.70 % 72.45 % 60.30 %
Q2 2006 67.92 % 72.65 % 60.97 %
Q3 2006 69.42 % 72.57 % 58.18 %
Q4 2006 67.12 % 76.73 % 63.04 %
Q1 2007 68.72 % 78.67 % 64.32 %
Q2 2007 72.81 % 83.13 % 69.35 %
Q3 2007 73.74 % 86.17 % 74.57 %
Q4 2007 82.69 % 87.15 % 65.10 %
Q1 2008 84.20 % 88.49 % 67.87 %
Q2 2008 83.55 % 87.76 % 65.58 %
Q3 2008 83.45 % 88.57 % 66.43 %
Q4 2008 83.65 % 89.60 % 76.35 %
Q1 2009 83.34 % 89.38 % 76.43 %
Q2 2009 82.05 % 88.82 % 75.50 %
Q3 2009 82.34 % 88.54 % 74.62 %
Q4 2009 83.38 % 89.10 % 77.03 %
Q1 2010 83.72 % 89.12 % 76.59 %
Q2 2010 86.03 % 90.79 % 80.98 %
Q3 2010 86.26 % 90.58 % 80.91 %
Q4 2010 86.68 % 90.61 % 80.64 %
Q1 2011 86.91 % 89.98 % 80.00 %
Q2 2011 87.51 % 90.18 % 79.83 %
Q3 2011 88.21 % 90.81 % 80.23 %
Q4 2011 88.01 % 90.84 % 82.82 %
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 %
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 %
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 %
Q1 2015 85.29 % 89.74 % 78.58 %
Q2 2015 85.98 % 90.35 % 79.65 %
Q3 2015 85.88 % 90.11 % 79.48 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
Q1 2006 200.00 0.88 0.73 15.83
Q2 2006 200.00 0.94 0.78 15.87
Q3 2006 200.00 0.92 0.76 15.78
Q4 2006 200.00 0.86 0.86 15.53
Q1 2007 200.00 0.85 0.85 15.54
Q2 2007 200.00 0.93 0.93 16.11
Q3 2007 200.00 0.93 0.93 15.61
Q4 2007 200.00 0.89 0.89 21.17
Q1 2008 200.00 1.02 1.02 20.63
Q2 2008 200.00 0.95 0.95 18.84
Q3 2008 200.00 0.96 0.96 20.06
Q4 2008 200.00 1.11 1.11 18.55
Q1 2009 200.00 1.11 1.11 18.84
Q2 2009 200.00 1.02 1.02 19.65
Q3 2009 200.00 1.02 1.02 19.41
Q4 2009 200.00 1.07 1.07 18.75
Q1 2010 200.00 1.05 1.05 18.40
Q2 2010 200.00 1.32 1.32 18.68
Q3 2010 200.00 1.38 1.38 18.88
Q4 2010 200.00 1.42 1.39 17.21
Q1 2011 200.00 1.45 1.42 16.70
Q2 2011 200.00 1.49 1.47 17.02
Q3 2011 200.00 1.53 1.51 17.61
Q4 2011 200.00 1.61 1.61 18.74
Q1 2012 200.00 1.68 1.68 18.85
Q2 2012 200.00 1.68 1.68 20.62
Q3 2012 200.00 1.84 1.84 20.72
Q4 2012 200.00 1.90 1.90 23.08
Q1 2013 200.00 1.90 1.90 26.00
Q2 2013 200.00 1.82 1.82 24.44
Q3 2013 200.00 1.69 1.69 25.11
Q4 2013 200.00 1.62 1.62 29.77
Q1 2014 200.00 1.60 1.60 36.70
Q2 2014 200.00 1.53 1.53 35.39
Q3 2014 200.00 1.56 1.56 35.59
Q4 2014 200.00 1.64 1.64 44.34
Q1 2015 200.00 1.60 1.60 47.97
Q2 2015 200.00 1.65 1.65 44.39
Q3 2015 200.00 1.64 1.64 37.39

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
Q1 2006 More than 100 More than 100 8.55
Q2 2006 88.73 More than 100 5.23
Q3 2006 83.70 More than 100 4.86
Q4 2006 37.91 37.91 2.11
Q1 2007 33.60 33.60 1.83
Q2 2007 29.08 29.08 1.68
Q3 2007 33.21 33.21 1.98
Q4 2007 41.45 41.45 1.73
Q1 2008 28.58 28.58 1.41
Q2 2008 34.37 34.37 1.74
Q3 2008 30.33 30.33 1.46
Q4 2008 17.36 17.36 1.04
Q1 2009 19.27 19.27 1.13
Q2 2009 22.72 22.72 1.18
Q3 2009 24.21 24.21 1.28
Q4 2009 20.66 20.66 1.18
Q1 2010 23.23 23.23 1.33
Q2 2010 18.21 18.21 1.28
Q3 2010 17.76 17.76 1.30
Q4 2010 17.48 17.79 1.44
Q1 2011 17.20 17.50 1.49
Q2 2011 17.48 17.77 1.54
Q3 2011 16.82 17.09 1.46
Q4 2011 17.89 17.89 1.54
Q1 2012 18.94 18.94 1.69
Q2 2012 19.36 19.36 1.57
Q3 2012 17.91 17.91 1.59
Q4 2012 17.66 17.66 1.45
Q1 2013 18.19 18.19 1.33
Q2 2013 31.91 31.91 2.38
Q3 2013 32.39 32.39 2.18
Q4 2013 32.81 32.81 1.79
Q1 2014 44.30 44.30 1.93
Q2 2014 42.67 42.67 1.84
Q3 2014 44.54 44.54 1.96
Q4 2014 39.65 39.65 1.46
Q1 2015 52.45 52.45 1.75
Q2 2015 45.25 45.25 1.68
Q3 2015 37.48 37.48 1.64

Business Segments (Million)

Compared With The
Period 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


Financial Ratios
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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Share Price

Makkah Construction and Development Co.
100.00
0.60 0.60 %

Makkah Construction and Development Co. (MCDC)

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