Makkah Construction profit leaps 23% to SAR 411M in 2024; Q4 at SAR 85.6M

06/03/2025 Argaam Exclusive

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Makkah Construction and Development Co. reported a 23% profit rise in 2024 to SAR 411 million from SAR 334.2 million a year earlier.

Financials (M)

Item	2023	2024	Change‬
Revenues	730.91	836.04	14.4 %
Gross Income	403.29	472.34	17.1 %
Operating Income	327.25	397.26	21.4 %
Net Income	334.23	411.04	23.0 %
Average Shares	200.00	200.00	-
Earnings Per Share before unusual items (Riyals)	1.57	2.02	28.4 %
EPS (Riyals)	1.67	2.06	23.0 %

Revenue rose year-on-year (YoY) in 2024 due to higher earnings from commercial mall rental, Hajj segment, and the hotel and towers on an increase of average room rate. This is in addition to higher income from affiliates and financing income.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	133.79	158.66	18.6 %
Gross Income	85.63	102.32	19.5 %
Operating Income	65.00	75.49	16.1 %
Net Income	78.32	85.67	9.4 %
Average Shares	200.00	200.00	-
Earnings Per Share before unusual items (Riyals)	0.29	0.41	38.3 %
EPS (Riyals)	0.39	0.43	9.4 %

Item	Q3 2024	Q4 2024	Change‬
Revenues	141.87	158.66	11.8 %
Gross Income	75.90	102.32	34.8 %
Operating Income	64.81	75.49	16.5 %
Net Income	69.39	85.67	23.5 %
Average Shares	200.00	200.00	-
Earnings Per Share before unusual items (Riyals)	0.33	0.41	21.1 %
EPS (Riyals)	0.35	0.43	23.5 %

Makkah Construction’s net profit surged 9% YoY to SAR 85.6 million in Q4 2024.

Quarter-on-quarter, the net profit jumped 23.4% from SAR 69.39 million in Q3 2024.

Shareholders’ equity, no minority interest, stood at SAR 4.05 billion as of Dec. 31, 2024, compared to SAR 4.09 billion a year earlier.

Attached Documents

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