Profits of "Makkah Construction" decreased by 14.5% in the first quarter

The profits of Makkah Construction and Development Company decreased by 14.5% to reach 41 million riyals in the first quarter of 2020, compared to 48 million riyals in the first quarter of 2019. p>

According to Arabiya Net, the company said in a statement that the reason for the decrease in profits during the current quarter compared to the corresponding quarter of the previous year is due to:

- Decline in revenues and occupancy rates of residential rooms in Makkah Hotel and Towers due to the decrease in the number of visitors from visitors and pilgrims, especially in the last days of the financial period (approximately fifteen days) as a result Precautionary measures taken by the government to combat the Corona Virus Pandemic

<- dir = "rtl" style = "text-align: justify;"> - The corresponding quarter of the previous year included a provision for expected credit losses that were no longer needed, which led to an increase in net profit in the corresponding quarter of the previous year.

>