Makkah Construction net profit soars to SAR 334.2M in 2023; Q4 at SAR 78.3M

25/03/2024 Argaam Exclusive

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.



Financials (M)

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.



Current Quarter Comparison (M)

Compared With The
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 63.35 43.6 %
Net Income 41.97 78.32 86.6 %
Average Shares 164.82 164.82 -
EPS (Riyals) 0.25 0.48 86.6 %

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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Share Price

Makkah Construction and Development Co.
114.20
(1.80) (1.55 %)

Makkah Construction and Development Co. (MCDC)

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Financial Ratios
Current
Market Cap (M Riyal) 18,822.01
Enterprise Value (EV) (M) 18,503.72
Shares Outstanding ((M)) 164.82
EPS ( Riyal) (TTM) 2.44
Book Value (BV) ( Riyal) 25.70
Par Value ( Riyal) 10.00
Adjusted P/E (Last12) 49.15
P/E (TTM) 46.75
Price/book 4.44
Return on Average Assets (%) (TTM) 8.2
Return on Average Equity (%) (TTM) 9.5
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