Makkah Construction posts 16% profit increase in 6M

Makkah Construction posts 16% profit increase in 6M

26/08/2019 Argaam Exclusive

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Makkah Construction and Development Co.’s net profit after zakat and tax rose 16.4 percent year-on-year (YoY) to SAR 135 million for the six months ending July 3, 2019, driven by writing back credit loss provisions.



Financials (M)

Item 6m 2018 6m 2019 Change‬
Revenues 258.84 245.93 (5.0 %)
Gross Income 149.18 140.08 (6.1 %)
Operating Income 140.40 130.53 (7.0 %)
Net Income 116.01 134.87 16.3 %
Average Shares 200.00 200.00 -
Earnings Per Share before unusual items 0.58 0.63 9.4 %
EPS (Riyals) 0.58 0.67 16.3 %

Q2 2019 net profit after zakat and tax increased by 24.3 percent YoY to SAR 87 million, on excluding zakat provisions set aside in a year-earlier period, in addition to writing back credit loss provisions.

 

When compared to the previous quarter, net profit surged 81.25 percent, due to higher occupancy rates in Shabaan and Ramadan months.



Current Quarter Comparison (M)

Compared With The
Item Q2 2018 Q2 2019 Change‬
Revenues 159.64 150.12 (6.0 %)
Gross Income 99.15 92.62 (6.6 %)
Operating Income 92.60 86.42 (6.7 %)
Net Income 70.09 87.19 24.4 %
Average Shares 200.00 200.00 -
Earnings Per Share before unusual items 0.35 0.42 20.1 %
EPS (Riyals) 0.35 0.44 24.4 %


Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %)
Q4 2015 93.71 (13.2 %) 80.75 (14.1 %) 72.74 (19.9 %)
Q1 2016 117.49 64.2 % 62.04 8.2 % 58.31 5.7 %
Q2 2016 199.92 54.4 % 126.14 9.8 % 120.10 8.8 %
Q3 2016 152.45 46.7 % 83.46 (5.5 %) 80.66 (6.4 %)
Q4 2016 128.84 37.5 % 67.59 (16.3 %) 59.94 (17.6 %)
Q1 2017 115.09 (2.0 %) 60.40 (2.7 %) 57.57 (1.3 %)
Q2 2017 191.35 (4.3 %) 114.09 (9.5 %) 108.49 (9.7 %)
Q3 2017 148.76 (2.4 %) 84.31 1.0 % 80.29 (0.5 %)
Q4 2017 108.17 (16.0 %) 49.98 (26.0 %) 40.25 (32.9 %)
Q1 2018 99.29 (13.7 %) 50.03 (17.2 %) 47.80 (17.0 %)
Q2 2018 159.64 (16.6 %) 99.15 (13.1 %) 92.60 (14.6 %)
Q3 2018 143.71 (3.4 %) 87.68 4.0 % 84.57 5.3 %
Q4 2018 146.13 35.1 % 102.21 104.5 % 93.35 132.0 %
Q1 2019 95.82 (3.5 %) 47.45 (5.2 %) 44.11 (7.7 %)
Q2 2019 150.12 (6.0 %) 92.62 (6.6 %) 86.42 (6.7 %)


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items Earnings Per Share before unusual items
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
Q4 2015 68.85 (20.3 %) 0.34 - 68.85 0.34
Q1 2016 56.19 6.9 % 0.28 - 56.19 0.28
Q2 2016 113.75 6.7 % 0.57 - 113.75 0.57
Q3 2016 74.18 (10.3 %) 0.37 - 74.18 0.37
Q4 2016 54.43 (20.9 %) 0.27 - 54.43 0.27
Q1 2017 56.05 (0.2 %) 0.28 - 56.05 0.28
Q2 2017 106.38 (6.5 %) 0.53 - 106.38 0.53
Q3 2017 78.25 5.5 % 0.39 - 78.25 0.39
Q4 2017 23.20 (57.4 %) 0.12 - 23.20 0.12
Q1 2018 46.61 (16.9 %) 0.23 - 46.61 0.23
Q2 2018 70.09 (34.1 %) 0.35 - 70.09 0.35
Q3 2018 82.46 5.4 % 0.41 - 82.46 0.41
Q4 2018 84.31 263.3 % 0.42 - 84.31 0.42
Q1 2019 47.68 2.3 % 0.24 5.00 42.68 0.21
Q2 2019 87.19 24.4 % 0.44 3.00 84.19 0.42

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 %
Q4 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 %
Q1 2017 56.61 % 58.28 % 50.04 %
Q2 2017 55.39 % 57.40 % 49.52 %
Q3 2017 55.88 % 57.25 % 50.53 %
Q4 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 % 51.66 %
Q1 2019 61.71 % 62.97 % 51.27 %
Q2 2019 61.59 % 63.03 % 54.81 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Earnings Per Share before unusual items (Riyal) Book Value (BV)
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
Q4 2015 200.00 1.55 1.55 32.59
Q1 2016 200.00 1.57 1.57 40.87
Q2 2016 200.00 1.61 1.61 39.95
Q3 2016 200.00 1.56 1.56 39.10
Q4 2016 200.00 1.49 1.49 43.40
Q1 2017 200.00 1.49 1.49 42.52
Q2 2017 200.00 1.46 1.46 41.92
Q3 2017 200.00 1.48 1.48 39.45
Q4 2017 200.00 1.32 1.32 38.14
Q1 2018 200.00 1.27 1.27 32.75
Q2 2018 200.00 1.09 1.09 29.25
Q3 2018 200.00 1.11 1.11 27.36
Q4 2018 200.00 1.42 1.42 25.11
Q1 2019 200.00 1.42 1.40 24.84
Q2 2019 200.00 1.51 1.47 22.08

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q4 2015 49.36 49.36 2.35
Q1 2016 43.79 43.79 1.68
Q2 2016 45.80 45.80 1.84
Q3 2016 46.88 46.88 1.88
Q4 2016 50.05 50.05 1.72
Q1 2017 58.25 58.25 2.04
Q2 2017 56.77 56.77 1.97
Q3 2017 47.99 47.99 1.79
Q4 2017 47.30 47.30 1.64
Q1 2018 49.73 49.73 1.93
Q2 2018 59.25 59.25 2.21
Q3 2018 60.79 60.79 2.47
Q4 2018 45.95 45.95 2.59
Q1 2019 42.87 43.64 2.46
Q2 2019 43.72 44.92 2.99

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 - -


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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