Makkah Construction profits shrink 14% in Q1-20

The Q1 profits totalled $11mln

  

Riyadh – Mubasher: Makkah Construction and Development Company has logged SAR 41 million in net profits after Zakat and tax over the first quarter (Q1) of 2020, compared with SAR 48 million, posting a 14.5% year-on-year (YoY) decline.

Sales levelled down by 2% YoY and reached SAR 94 million by the end of the January-March period in 2020 when compared to SAR 96 million, according to a stock exchange statement on Monday.

The decrease in the interim earnings is attributed to lower revenues and occupancy levels at the company’s hotels and towers due to the precautions imposed by Saudi Arabia to combat the coronavirus (COVID-19) pandemic.

Source: Mubasher

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