Makkah Construction shareholders approve dividend freeze for 2020

Logo of Makkah Construction and Development Co.

Makkah Construction and Development Co.’s shareholders approved the board’s recommendation on withholding dividend for the fiscal year ended Dec. 15, 2020, during the ordinary general meeting held on April 19, 2021, the company said in a bourse statement.

Shareholders also approved the business and contracts that will be concluded with other companies, including related parties.

According to data compiled by Argaam, Makkah Construction turned to a net loss after Zakat and tax of SAR 59 million for 2020, from a net profit of SAR 236 million in 2019.

The company recently distributed cash dividends of SAR 1.5 per share during 2019 and SAR 2 in 2018 and 2017, while it distributed SAR 2.5 per share during 2016 and 2015.