Makkah Construction turns to losses at $3.7mln in H1-21

Sales shrank by 44%

  
An Asian labourer looks on as he works at the construction site of a building in Riyadh, Saudi Arabia. Image for illustrative purposes.

An Asian labourer looks on as he works at the construction site of a building in Riyadh, Saudi Arabia. Image for illustrative purposes.

REUTERS/Faisal Al Nasser
Riyadh –  Makkah Construction and Development Company incurred net losses after Zakat and tax worth SAR 14 million in the first half (H1) of 2021, against net profits of SAR 15 million in H1-20.

The company posted a loss per share of SAR 0.09 in H1-21, versus earnings per share of SAR 0.09 in H1-20, according to the financial results to Tadawul.

Sales shrank by 44% to SAR 56 million in the first six months of 2021 from SAR 100 million in H1-20.

In the second quarter (Q2) of 2021, Makkah Construction’s net losses decreased by 84% to SAR 4 million from SAR 25 million in Q2-20. Meanwhile, the revenues jumped by 450% to SAR 33 million from SAR 6 million.

On a quarterly basis, the net losses in Q2-21 were lower by 63.6% from SAR 11 million in Q1-21, while the sales surged by 43.47% from SAR 23 million.

Source: Mubasher

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