Makkah Construction swings to loss in Q2

The quarterly losses amounted to $6.66mln

  

Riyadh – Makkah Construction and Development Company turned to losses of SAR 25 million in the second quarter (Q2) ending 30 June 2020, versus net profits of SAR 87 million in the corresponding period in 2019.

The move to losses is attributed to lower revenues and occupancy levels at the company’s hotels and towers as a result of the preventive measures imposed by the Saudi government to curb the coronavirus (COVID-19) pandemic, according to a bourse statement on Sunday.

Revenues plunged by 96% during the period between April and June 2020, reaching SAR 6 million from SAR 150 million in the year-ago period.

Source: Mubasher

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