Makkah Construction and Development Co. posted a net profit of SAR 334.2 million in 2023, more than double from SAR 155.6 million a year earlier.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 461.35 | 730.91 | 58.4 % |
| Gross Income | 294.14 | 431.79 | 46.8 % |
| Operating Income | 174.28 | 325.60 | 86.8 % |
| Net Income | 155.59 | 334.23 | 114.8 % |
| Average Shares | 164.82 | 164.82 | - |
| EPS (Riyals) | 0.94 | 2.03 | 114.8 % |
The developer said higher occupancy rates at the Makkah Hotel and Towers Co. boosted revenues, which in turn led to a growth in net profit.
Revenues were also bolstered by an increase in the number of visitors and pilgrims along with higher average accommodation prices and a rise in mall revenues after vacant shops were rented.
Meanwhile, the provision for credit losses was reversed.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 120.55 | 133.79 | 11.0 % |
| Gross Income | 79.16 | 91.90 | 16.1 % |
| Operating Income | 44.12 | 83.00 | 88.1 % |
| Net Income | 41.97 | 78.32 | 86.6 % |
| Average Shares | 164.82 | 164.82 | - |
| EPS (Riyals) | 0.25 | 0.48 | 86.6 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 249.19 | 133.79 | (46.3 %) |
| Gross Income | 90.36 | 91.90 | 1.7 % |
| Operating Income | 70.10 | 83.00 | 18.4 % |
| Net Income | 68.34 | 78.32 | 14.6 % |
| Average Shares | 164.82 | 164.82 | - |
| EPS (Riyals) | 0.41 | 0.48 | 14.6 % |
Makkah Construction’s net profit surged 86.6% year-on-year to SAR 78.3 million in Q4 2023.
Quarter-on-quarter, the net profit jumped 14.6% from SAR 68.34 million in Q3 2023.
Shareholders’ equity, no minority interest, stood at SAR 4.09 billion as of Dec. 31, 2023, compared to SAR 3.36 billion a year earlier.
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