Makkah Construction and Development Co. reported a net profit of SAR 256 million for the first nine months of 2023, compared to SAR 114 million in the year-earlier period.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 340.80 | 597.12 | 75.2 % |
| Gross Income | 214.98 | 339.89 | 58.1 % |
| Operating Income | 130.16 | 262.26 | 101.5 % |
| Net Income | 113.62 | 255.91 | 125.2 % |
| Average Shares | 164.82 | 164.82 | - |
| EPS (Riyals) | 0.69 | 1.55 | 125.2 % |
This was backed by an increase in revenue and occupancy rates of residential rooms in the Makkah Hotel and Towers Co., to increase the number of guests including visitors and pilgrims. In addition, malls revenue edged higher.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 132.52 | 249.19 | 88.0 % |
| Gross Income | 84.03 | 90.36 | 7.5 % |
| Operating Income | 64.65 | 70.10 | 8.4 % |
| Net Income | 58.06 | 68.34 | 17.7 % |
| Average Shares | 164.82 | 164.82 | - |
| EPS (Riyals) | 0.35 | 0.41 | 17.7 % |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 207.51 | 249.19 | 20.1 % |
| Gross Income | 141.43 | 90.36 | (36.1 %) |
| Operating Income | 125.98 | 70.10 | (44.4 %) |
| Net Income | 122.83 | 68.34 | (44.4 %) |
| Average Shares | 164.82 | 164.82 | - |
| EPS (Riyals) | 0.75 | 0.41 | (44.4 %) |
Q3 2023 net earnings rose 17% year-on-year (YoY) to SAR 68 million, propelled by higher revenue and stronger occupancy rates of residential units at the Makkah Hotel and Towers Co., increasing the number of guests including visitors and pilgrims.
On a quarterly basis, net profit decreased 44.6% from SAR 122.8 million.
Total shareholders’ equity, no minority interest, stood at SAR 4.11 billion by Sept. 30, 2023, compared to SAR 3.69 billion in the prior-year period.
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