Makkah Construction net profit up 74% to SAR 113M in Q1 2024

15/05/2024 Argaam Exclusive

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Makkah Construction and Development Co. posted a net profit of SAR 113 million in Q1 2024, a 74% rise compared to SAR 65 million a year earlier.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 140.42 185.41 32.0 %
Gross Income 88.75 128.98 45.3 %
Operating Income 66.18 112.08 69.3 %
Net Income 64.74 113.41 75.2 %
Average Shares 164.82 164.82 -
EPS (Riyals) 0.39 0.69 75.2 %

Quarter-on-quarter, the net profit jumped 44.3% from SAR 78.32 million in Q4 2023.

 

Revenues rose by 32% year-on-year (YoY) in Q1 2024 as a result of higher room revenues from Makkah Hotel and Towers on increased average room prices, and seasonal changes.  

 

Makkah also reported an increase in mall revenues due to rising rental values.

 

Quarter-on-quarter (QoQ), the net profit jumped 44.3% from SAR 78.32 million in Q4 2023, as revenues increased by 38% QoQ.

 

Shareholders’ equity, no minority interest, stood at SAR 4.66 billion as of March 31, 2024, compared to SAR 3.74 billion a year earlier.

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