Makkah Construction 9M profit soars to SAR 256 mln; Q3 at SAR 68 mln

Makkah Construction 9M profit soars to SAR 256 mln; Q3 at SAR 68 mln

07/11/2023 Argaam Exclusive

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Makkah Construction and Development Co. reported a net profit of SAR 256 million for the first nine months of 2023, compared to SAR 114 million in the year-earlier period.



Financials (M)

Item 9m 2022 9m 2023 Change‬
Revenues 340.80 597.12 75.2 %
Gross Income 214.98 317.67 47.8 %
Operating Income 130.16 262.26 101.5 %
Net Income 113.62 255.91 125.2 %
Average Shares 164.82 164.82 -
EPS (Riyals) 0.69 1.55 125.2 %

This was backed by an increase in revenue and occupancy rates of residential rooms in the Makkah Hotel and Towers Co., to increase the number of guests including visitors and pilgrims. In addition, malls revenue edged higher.



Current Quarter Comparison (M)

Compared With The
Item Q3 2022 Q3 2023 Change‬
Revenues 132.52 249.19 88.0 %
Gross Income 84.03 80.02 (4.8 %)
Operating Income 64.65 70.10 8.4 %
Net Income 58.06 68.34 17.7 %
Average Shares 164.82 164.82 -
EPS (Riyals) 0.35 0.41 17.7 %

Q3 2023 net earnings rose 17% year-on-year (YoY) to SAR 68 million, propelled by higher revenue and stronger occupancy rates of residential units at the Makkah Hotel and Towers Co., increasing the number of guests including visitors and pilgrims.

 

On a quarterly basis, net profit decreased 44.6% from SAR 122.8 million.

 

Total shareholders’ equity, no minority interest, stood at SAR 4.11 billion by Sept. 30, 2023, compared to SAR 3.69 billion in the prior-year period.

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Financial results (Million)

Period Revenues Change Gross Income Change Operating Income Change
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 %) 59.95 (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 %)
Q3 2019 129.60 (9.8 %) 79.31 (9.5 %) 75.70 (10.5 %)
Q4 2019 101.81 (30.3 %) 60.39 (40.9 %) 52.74 (43.5 %)
Q1 2020 94.39 (1.5 %) 49.54 4.4 % 41.82 (5.2 %)
Q2 2020 5.88 (96.1 %) (20.92) (122.6 %) (26.65) (130.8 %)
Q3 2020 4.55 (96.5 %) (21.46) (127.1 %) (29.37) (138.8 %)
Q4 2020 18.63 (81.7 %) (7.24) (112.0 %) (36.08) (168.4 %)
Q1 2021 23.31 (75.3 %) (2.95) (106.0 %) (8.94) (121.4 %)
Q2 2021 33.31 466.7 % 3.22 115.4 % (3.06) 88.5 %
Q3 2021 44.67 881.5 % 23.53 209.6 % 12.82 143.7 %
Q4 2021 58.35 213.2 % 29.83 511.8 % 10.36 128.7 %
Q1 2022 55.25 137.0 % 14.58 593.9 % 8.99 200.5 %
Q2 2022 145.81 337.8 % 85.88 2566.9 % 79.50 2701.4 %
Q3 2022 132.52 196.7 % 84.03 257.1 % 64.65 404.1 %
Q4 2022 120.55 106.6 % 79.16 165.4 % 44.12 325.8 %
Q1 2023 140.42 154.2 % 88.75 508.9 % 66.18 636.2 %
Q2 2023 207.51 42.3 % 148.89 73.4 % 125.98 58.5 %
Q3 2023 249.19 88.0 % 80.02 (4.8 %) 70.10 8.4 %


Profit Performance (Million)

Period Net Income Change EPS(Riyal) Extraordinary Income/Expense Net Profit Before Unusual Items EPS Before XO Items
Q1 2014 58.99 (7.8 %) 0.36 - 58.99 0.36
Q2 2014 97.01 (12.4 %) 0.59 - 97.01 0.59
Q3 2014 84.70 9.2 % 0.51 - 84.70 0.51
Q4 2014 86.39 20.3 % 0.52 - 86.39 0.52
Q1 2015 52.54 (10.9 %) 0.32 - 52.54 0.32
Q2 2015 106.56 9.8 % 0.65 - 106.56 0.65
Q3 2015 82.69 (2.4 %) 0.50 - 82.69 0.50
Q4 2015 68.85 (20.3 %) 0.42 - 68.85 0.42
Q1 2016 56.19 6.9 % 0.34 - 56.19 0.34
Q2 2016 113.75 6.7 % 0.69 - 113.75 0.69
Q3 2016 74.18 (10.3 %) 0.45 - 74.18 0.45
Q4 2016 54.43 (20.9 %) 0.33 - 54.43 0.33
Q1 2017 56.05 (0.2 %) 0.34 - 56.05 0.34
Q2 2017 106.38 (6.5 %) 0.65 - 106.38 0.65
Q3 2017 78.25 5.5 % 0.47 - 78.25 0.47
Q4 2017 23.20 (57.4 %) 0.14 - 23.20 0.14
Q1 2018 46.61 (16.9 %) 0.28 - 46.61 0.28
Q2 2018 70.09 (34.1 %) 0.43 - 70.09 0.43
Q3 2018 82.46 5.4 % 0.50 - 82.46 0.50
Q4 2018 84.31 263.3 % 0.51 - 84.31 0.51
Q1 2019 47.68 2.3 % 0.29 5.00 42.68 0.26
Q2 2019 87.19 24.4 % 0.53 3.00 84.19 0.51
Q3 2019 73.80 (10.5 %) 0.45 - 73.80 0.45
Q4 2019 27.46 (67.4 %) 0.17 6.30 21.15 0.13
Q1 2020 40.78 (14.5 %) 0.25 - 40.78 0.25
Q2 2020 (25.55) (129.3 %) (0.15) - (25.55) (0.15)
Q3 2020 (29.29) (139.7 %) (0.18) - (29.29) (0.18)
Q4 2020 (44.81) (263.2 %) (0.27) - (44.81) (0.27)
Q1 2021 (10.50) (125.8 %) (0.06) - (10.50) (0.06)
Q2 2021 (3.82) 85.0 % (0.02) - (3.82) (0.02)
Q3 2021 11.76 140.2 % 0.07 - 11.76 0.07
Q4 2021 6.81 115.2 % 0.04 - 6.81 0.04
Q1 2022 8.76 183.4 % 0.05 - 8.76 0.05
Q2 2022 73.65 2026.5 % 0.45 - 73.65 0.45
Q3 2022 58.06 393.5 % 0.35 - 58.06 0.35
Q4 2022 41.97 516.5 % 0.25 - 41.97 0.25
Q1 2023 64.74 638.6 % 0.39 - 64.74 0.39
Q2 2023 122.83 66.8 % 0.75 - 122.83 0.75
Q3 2023 68.34 17.7 % 0.41 - 68.34 0.41

Profitability

Period Gross Margin OIBDA Margin Net Margin Before Unusual Items
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 % 57.41 % 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 % 51.65 %
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 %
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 %)
Q1 2021 (100.38 %) (136.25 %) (210.34 %)
Q2 2021 (35.63 %) (60.57 %) (110.82 %)
Q3 2021 13.80 % (5.72 %) (39.51 %)
Q4 2021 33.59 % - 2.66 %
Q1 2022 37.14 % 26.91 % 12.27 %
Q2 2022 50.58 % 44.55 % 33.21 %
Q3 2022 54.68 % 48.58 % 37.58 %
Q4 2022 58.05 % 51.14 % 40.17 %
Q1 2023 62.64 % 53.58 % 44.21 %
Q2 2023 66.69 % 55.77 % 47.85 %
Q3 2023 55.29 % 47.22 % 41.51 %


Per Share Data (Riyal)

Compared With The
Period Shares Outstanding (M) EPS (Riyal) Adjusted EPS (Riyal) Book Value (BV)
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
Q2 2021 164.82 (0.54) (0.54) 29.43
Q3 2021 164.82 (0.29) (0.29) 28.25
Q4 2021 164.82 0.03 0.03 26.15
Q1 2022 164.82 0.14 0.14 24.01
Q2 2022 164.82 0.61 0.61 26.12
Q3 2022 164.82 0.89 0.89 22.42
Q4 2022 164.82 1.11 1.11 20.39
Q1 2023 164.82 1.45 1.45 22.74
Q2 2023 164.82 1.74 1.74 25.92
Q3 2023 164.82 1.81 1.81 24.97

Multiple Ratios (End of Period Price)

Compared With The
Period P/E Adjusted P/E Price/book
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
Q2 2021 NEG NEG 2.38
Q3 2021 NEG NEG 2.58
Q4 2021 More than 100 More than 100 2.88
Q1 2022 More than 100 More than 100 3.59
Q2 2022 More than 100 More than 100 2.75
Q3 2022 71.06 71.06 2.83
Q4 2022 55.47 55.47 3.01
Q1 2023 48.46 48.46 3.08
Q2 2023 42.24 42.24 2.84
Q3 2023 36.35 36.35 2.63

Business Segments (Million)

Compared With The
Period Hilton hotel and Towers Commercial center Hajj and Umrah sector Others Makkah Hilton hotel Makkah Hilton Towers
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 - -
Q1 2022 28.38 26.87 - - - -
Q4 2022 78.81 40.35 - 1.39 - -
Q1 2023 96.02 43.99 1.28 (0.87) - -
Q2 2023 154.46 47.51 - 5.54 - -
Q3 2023 80.63 44.89 125.72 (2.05) - -


Financial Ratios
Current
Market Cap (M Riyal) 17,932.00
Enterprise Value (EV) (M) 17,881.37
Shares Outstanding ((M)) 164.82
EPS ( Riyal) (TTM) 2.28
Book Value (BV) ( Riyal) 26.77
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) More than 100
P/E (TTM) 47.64
Price/book 4.06
Return on Average Assets (%) (TTM) 7.8
Return on Average Equity (%) (TTM) 8.8
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Share Price

Makkah Construction and Development Co.
109.00
(0.20) (0.18 %)

Makkah Construction and Development Co. (MCDC)

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