Makkah Construction and Development Co. reported an over twofold increase in H1 2023 net profit to SAR 187.6 million in H1 2023 from SAR 82.4 million a year earlier.
| Item | 6m 2022 | 6m 2023 | Change |
|---|---|---|---|
| Revenues | 201.06 | 347.93 | 73.0 % |
| Gross Income | 100.45 | 220.99 | 120.0 % |
| Operating Income | 88.49 | 192.16 | 117.2 % |
| Net Income | 82.41 | 187.57 | 127.6 % |
| Average Shares | 164.82 | 164.82 | - |
| EPS (Riyals) | 0.50 | 1.14 | 127.6 % |
The company cited an increase in revenues and occupancy rates of residential rooms in Makkah Hotel and Towers Co., due to a higher number of guests from visitors and Umrah performers. Makkah Construction also reported a jump in revenues from the commercial center, most of which were generated during the Hajj season.
Meanwhile, the first half of 2022 included only the month of Ramadan (due to the change of the fiscal year from the Hijri to Gregorian), when occupancy rates of hotels, towers, and visitors to the commercial center are higher than the rest of the year.
| Item | Q2 2022 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 145.81 | 207.51 | 42.3 % |
| Gross Income | 85.88 | 141.43 | 64.7 % |
| Operating Income | 79.50 | 125.98 | 58.5 % |
| Net Income | 73.65 | 122.83 | 66.8 % |
| Average Shares | 164.82 | 164.82 | - |
| EPS (Riyals) | 0.45 | 0.75 | 66.8 % |
| Item | Q1 2023 | Q2 2023 | Change |
|---|---|---|---|
| Revenues | 140.42 | 207.51 | 47.8 % |
| Gross Income | 89.00 | 141.43 | 58.9 % |
| Operating Income | 66.18 | 125.98 | 90.4 % |
| Net Income | 65.00 | 122.83 | 89.0 % |
| Average Shares | 164.82 | 164.82 | - |
| EPS (Riyals) | 0.39 | 0.75 | 89.0 % |
The second-quarter net profit leapt 66.8% to SAR 122.8 million from SAR 73.6 million in Q2 2022, backed by a rise in revenues and occupancy rates of residential rooms in Makkah Hotel and Towers Co., due to higher number of guests from visitors and Umrah performers.
Makkah Construction’s Q2 net earnings surged by 89.7% from SAR 64.74 million in Q1 2023. The company reported a surge in revenues and occupancy rates of residential rooms in Makkah Hotel and Towers Co., as well as increased revenues from the commercial center.
Shareholders’ equity, no minority interest, tumbled to SAR 4.27 billion as of June 30, 2023, from SAR 4.30 billion a year earlier.
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