Makkah Construction's profit rises to SAR 58 mln for quarter ended Sept. 30

29/12/2022 Argaam Exclusive

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Makkah Construction and Development Co.’s net profit after Zakat and tax rose to SAR 58 million for the quarter ended Sept. 30, 2022 (three months and 17 days), compared to SAR 12 million in the same period last year.

Financials (M)

Item	9m 2021	9m 2022	Change‬
Revenues	101.29	340.80	236.5 %
Gross Income	23.80	214.98	803.4 %
Operating Income	0.82	130.16	15696.1 %
Net Income	(2.56)	113.62	4534.8 %
Average Shares	164.82	164.82	0.0 %
EPS (Riyals)	(0.02)	0.69	4534.9 %

Current Quarter Comparison (M)

Compared With The

Item	Q3 2021	Q3 2022	Change‬
Revenues	44.67	132.52	196.7 %
Gross Income	23.53	84.03	257.1 %
Operating Income	12.82	64.65	404.1 %
Net Income	11.76	58.06	393.5 %
Average Shares	164.82	164.82	0.0 %
EPS (Riyals)	0.07	0.35	393.5 %

Item	Q2 2022	Q3 2022	Change‬
Revenues	145.81	132.52	(9.1 %)
Gross Income	85.88	84.03	(2.2 %)
Operating Income	79.50	64.65	(18.7 %)
Net Income	73.65	58.06	(21.2 %)
Average Shares	164.82	164.82	-
EPS (Riyals)	0.45	0.35	(21.2 %)

The higher profit was due to an increase in revenue and occupancy rates in Makkah Hotel and Towers Company amid growth in visitors and Umrah performers, as well as a rise in commercial center revenue.

The company’s net profit after Zakat and tax during the said period (three months and 17 days) fell 21.6% from SAR 74 million in Q2 2022.

The profit decline was due to the fact that the previous quarter includes the months of Shaaban and Ramadan, in which the number of guests, including visitors and Umrah performers in hotels and towers, is more than the Hajj season, which is sold as one package, usually 20 days only.

Total shareholders’ equity, with no minority rights, reached SAR 3.696 billion at the end of the period, compared to SAR 4.655 billion a year before.

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