Makkah Construction posts SAR 56 mln profit in short Hijri FY

15/12/2022 Argaam Exclusive

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Makkah Construction and Development Co. turned to a net profit after Zakat and tax of SAR 56 million for the short Hijri fiscal year ended in Dhul Qida 1443 (six months and 14 days), versus a net loss of SAR 14 million in the same period a year earlier.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	56.62	201.06	255.1 %
Gross Income	0.27	100.45	37104.1 %
Operating Income	(12.00)	88.49	837.4 %
Net Income	(14.33)	82.41	675.3 %
Average Shares	164.82	164.82	0.0 %
EPS (Riyals)	(0.09)	0.50	675.3 %

The positive results were driven by the rise in revenue and occupancy rates of residential rooms in Makkah Hotel and Towers, due to an increase in the number of guests, including visitors and pilgrims, as well as in the revenues of the mall. The rise was spurred by the government decision to lift the precautionary measures imposed in response to the COVID-19 pandemic.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	33.31	145.81	337.8 %
Gross Income	3.22	85.88	2566.9 %
Operating Income	(3.06)	79.50	2701.4 %
Net Income	(3.82)	73.65	2026.5 %
Average Shares	164.82	164.82	0.0 %
EPS (Riyals)	(0.02)	0.45	2026.5 %

Item	Q1 2022	Q2 2022	Change‬
Revenues	55.25	145.81	163.9 %
Gross Income	14.58	85.88	489.2 %
Operating Income	8.99	79.50	784.4 %
Net Income	8.76	73.65	740.3 %
Average Shares	164.82	164.82	-
EPS (Riyals)	0.05	0.45	740.3 %

Shareholders’ equity, no minority interest, reached SAR 4.089 billion by the end of the period, compared to SAR 4.309 billion a year earlier.

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