Makkah Construction 9M profit soars to SAR 256 mln; Q3 at SAR 68 mln

07/11/2023 Argaam Exclusive

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Makkah Construction and Development Co. reported a net profit of SAR 256 million for the first nine months of 2023, compared to SAR 114 million in the year-earlier period.

Financials (M)

Item	9m 2022	9m 2023	Change‬
Revenues	340.80	597.12	75.2 %
Gross Income	214.98	317.67	47.8 %
Operating Income	130.16	262.26	101.5 %
Net Income	113.62	255.91	125.2 %
Average Shares	164.82	164.82	-
EPS (Riyals)	0.69	1.55	125.2 %

This was backed by an increase in revenue and occupancy rates of residential rooms in the Makkah Hotel and Towers Co., to increase the number of guests including visitors and pilgrims. In addition, malls revenue edged higher.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2022	Q3 2023	Change‬
Revenues	132.52	249.19	88.0 %
Gross Income	84.03	80.02	(4.8 %)
Operating Income	64.65	70.10	8.4 %
Net Income	58.06	68.34	17.7 %
Average Shares	164.82	164.82	-
EPS (Riyals)	0.35	0.41	17.7 %

Item	Q2 2023	Q3 2023	Change‬
Revenues	207.51	249.19	20.1 %
Gross Income	148.89	80.02	(46.3 %)
Operating Income	125.98	70.10	(44.4 %)
Net Income	122.83	68.34	(44.4 %)
Average Shares	164.82	164.82	-
EPS (Riyals)	0.75	0.41	(44.4 %)

Q3 2023 net earnings rose 17% year-on-year (YoY) to SAR 68 million, propelled by higher revenue and stronger occupancy rates of residential units at the Makkah Hotel and Towers Co., increasing the number of guests including visitors and pilgrims.

On a quarterly basis, net profit decreased 44.6% from SAR 122.8 million.

Total shareholders’ equity, no minority interest, stood at SAR 4.11 billion by Sept. 30, 2023, compared to SAR 3.69 billion in the prior-year period.

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