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

25/03/2024 Argaam Exclusive

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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	36.07	(18.2 %)
Net Income	41.97	51.05	21.6 %
Average Shares	164.82	164.82	-
EPS (Riyals)	0.25	0.31	21.6 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	249.19	133.79	(46.3 %)
Gross Income	80.02	91.90	14.8 %
Operating Income	70.10	36.07	(48.5 %)
Net Income	68.34	51.05	(25.3 %)
Average Shares	164.82	164.82	-
EPS (Riyals)	0.41	0.31	(25.3 %)

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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