Makkah Construction profit leaps 37% to SAR 256M in H1 2024; Q2 at SAR 143M

31/07/2024 Argaam Exclusive

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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.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	347.93	535.51	53.9 %
Gross Income	237.65	294.12	23.8 %
Operating Income	192.16	256.96	33.7 %
Net Income	187.57	255.98	36.5 %
Average Shares	164.82	164.82	-
EPS (Riyals)	1.14	1.55	36.5 %

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.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	207.51	350.10	68.7 %
Gross Income	148.89	165.13	10.9 %
Operating Income	125.98	144.89	15.0 %
Net Income	122.83	142.57	16.1 %
Average Shares	164.82	164.82	-
EPS (Riyals)	0.75	0.87	16.1 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	185.41	350.10	88.8 %
Gross Income	128.98	165.13	28.0 %
Operating Income	112.08	144.89	29.3 %
Net Income	113.41	142.57	25.7 %
Average Shares	164.82	164.82	-
EPS (Riyals)	0.69	0.87	25.7 %

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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