Makkah Construction and Development Company incurred losses of 29 million riyals in the third quarter of 2020, compared to profits of 74 million riyals, in the same period last year.
According to Arabiya Net, the company's losses recorded an increase of 16%, compared to the losses recorded in the previous quarter, which was 25 million riyals.
During the first nine months of 2020, the company incurred losses of 14 million riyals, compared with profits of 209 million riyals, in the corresponding period of 2019.
The company said that the loss in the third quarter is due to the decrease in revenues and occupancy rates of residential rooms in the hotel and towers of Makkah Company, due to the decrease in the number of visitors and pilgrims, as well as the closure of shops in the mall as a result The precautionary measures taken by the government to confront the Coronavirus pandemic, as well as the increase in some items of public and administrative expenses.
