Makkah Construction and Development Company's financial statements showed that the company has shifted losses in the past year compared to 2019's profits.
According to the company's statement for the Saudi market (Tadawul), today, Tuesday, the company incurred losses last year of 59 million riyals, compared to 2019's profits of about 236 million riyals. .
The company said in a statement to the Stock Exchange that the decline in results during the years of comparison is due to several reasons, most notably the decrease in revenues and occupancy rates of residential rooms in the hotel and towers of Makkah Company; As a result of the decrease in the number of visitors, pilgrims, and the closure of shops.
The company also attributed the reason for achieving a net loss last year to the closure of shops in the mall as a result of the precautionary measures taken by the Kingdom's government to confront the Coronavirus pandemic, as well as the calculation of allocations for losses. Expected credit and zakat provisions for previous years.
The company's revenues last year decreased by 74.1%, reaching 123 million riyals, compared to 477 million riyals in 2019.
