Makkah Construction and Development Co. reported a net profit leap of 37% in H1 2024 to SAR 256 million from SAR 187 million a year earlier.
| Item | 6m 2023 | 6m 2024 | Change |
|---|---|---|---|
| Revenues | 347.93 | 536.00 | 54.1 % |
| Gross Income | 238.00 | 294.00 | 23.5 % |
| Operating Income | 192.16 | 257.00 | 33.7 % |
| Net Income | 187.00 | 256.00 | 36.9 % |
| Average Shares | 164.82 | 164.82 | - |
| EPS (Riyals) | 1.13 | 1.55 | 36.9 % |
Revenues increased in H1 2024 on recognizing Hajj services revenue of SAR 134 million in the current period. The company also cited a rise in hotel room revenue due to the seasonality in Makkah market, as well as an increase in the commercial mall rental revenue.
The developer also generated income from Murabaha deposit.
| Item | Q2 2023 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 207.51 | 350.00 | 68.7 % |
| Gross Income | 149.00 | 165.00 | 10.7 % |
| Operating Income | 125.98 | 145.00 | 15.1 % |
| Net Income | 123.00 | 143.00 | 16.3 % |
| Average Shares | 164.82 | 164.82 | - |
| EPS (Riyals) | 0.75 | 0.87 | 16.3 % |
| Item | Q1 2024 | Q2 2024 | Change |
|---|---|---|---|
| Revenues | 185.41 | 350.00 | 88.8 % |
| Gross Income | 128.98 | 165.00 | 27.9 % |
| Operating Income | 112.08 | 145.00 | 29.4 % |
| Net Income | 113.00 | 143.00 | 26.5 % |
| Average Shares | 164.82 | 164.82 | - |
| EPS (Riyals) | 0.69 | 0.87 | 26.5 % |
The second-quarter net profit rose 16% to SAR 143 million from SAR 123 million in Q2 2023, backed mainly by higher revenues on recognizing Hajj services revenue of SAR 134 million in the current quarter.
On a sequential basis, Q2 2024 net earnings leapt by 26.5% from SAR 113 million in Q1 2024.
Shareholders’ equity, no minority interest, reached SAR 4.23 billion as of June 30, 2024, from SAR 4.27 billion a year earlier.
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