Financial Results : Makkah Construction Q1 profit spikes to SAR 65 mln

Makkah Construction Q1 profit spikes to SAR 65 mln

22/05/2023 Argaam Exclusive

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Makkah Construction and Development Co. reported a profit surge to SAR 65 million in Q1 2023, compared to SAR 9 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2022 Q1 2023 Change‬
Revenues 55.25 140.42 154.2 %
Gross Income 14.58 88.75 508.9 %
Operating Income 8.99 66.18 636.2 %
Net Income 8.76 64.74 638.6 %
Average Shares 164.82 164.82 -
EPS (Riyals) 0.05 0.39 638.6 %

The company reported an increase in the revenues and occupancy rates of residential rooms in the Makkah Hotel and Towers Co. on higher number of guests, whether visitors or Umrah performers. Further, revenues from the commercial center increased.

 

The current quarter also included the month of Sha’ban and nine days of Ramadan, due to the change of the fiscal year from Hijri to Gregorian), when occupancy rates in hotels, towers, and visitors to the commercial center are more than the rest of the year.

 

On a sequential basis, net profit jumped 41.3% from SAR 46 million in Q4 2022, thanks to better occupancy rates and revenues from the commercial center.

 

Shareholders’ equity, no minority interest, declined to SAR 3.74 billion as of March 31, 2023, compared to SAR 3.95 billion in the year-earlier period.

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