Makkah Construction posts 17% profit drop in FY2019
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Makkah Construction and Development Co.’s net profit after Zakat and tax plunged 17% year-on-year (YoY) to SAR 236 million for the fiscal year 2019, as compared to SAR 283 million in the same period a year earlier.
The profit decline is attributed to a decrease in revenues and occupancy rates for hotel and tower rooms due to a fall in the number of visitors, as well as an increase in the credit loss provisions, the company said in a bourse statement.
Q4 2019 net profit dropped by 68% YoY to reach SAR 27.3 million.