Riyadh – Mubasher: Makkah Construction and Development Company swung to net losses of SAR 59 million in 2020, against net profits of SAR 236 million in 2019.
The move to loss was due to the decrease in revenues and occupancy rates of the residential rooms in Makkah Hotel and Towers as the number of visitors and pilgrims dropped, in addition to the closure of shops in the mall as part of the precautions adopted by the Saudi government to curb the novel coronavirus, according to a bourse statement on Tuesday.
Revenues shrank by 74.2% last year to reach SAR 123 million, compared with SAR 477 million a year earlier.
In this regard, the company’s board of directors recommended not to distribute any cash dividends for 2020.
