Makkah Construction profit rises 27% to SAR 325M in 9M 2024; Q3 at SAR 69M

03/11/2024 Argaam Exclusive

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Makkah Construction and Development Co. reported a 27% profit rise in the first nine months of 2024 to SAR 325 million from SAR 256 million a year earlier.

Financials (M)

Item	9m 2023	9m 2024	Change‬
Revenues	597.12	677.39	13.4 %
Gross Income	317.67	370.02	16.5 %
Operating Income	262.26	321.77	22.7 %
Net Income	255.91	325.37	27.1 %
Average Shares	164.82	164.82	-
EPS (Riyals)	1.55	1.97	27.1 %

The profit growth was primarily driven by increased revenue from Hajj services, higher rental income from the commercial mall, and a rise in hotel room revenue during the current period. Additionally, the developer recorded income from Murabaha deposits.

Third-quarter net profit rose 1.5% to SAR 69 million from SAR 68 million in Q3 2023, due to higher rental income from the commercial mall and Murabaha deposit earnings.

On a sequential basis, Q3 2024 net earnings fell by 51.7% from SAR 143 million in Q2 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2023	Q3 2024	Change‬
Revenues	249.19	141.87	(43.1 %)
Gross Income	80.02	75.90	(5.1 %)
Operating Income	70.10	64.81	(7.5 %)
Net Income	68.34	69.39	1.5 %
Average Shares	164.82	164.82	-
EPS (Riyals)	0.41	0.42	1.5 %

Item	Q2 2024	Q3 2024	Change‬
Revenues	350.10	141.87	(59.5 %)
Gross Income	165.13	75.90	(54.0 %)
Operating Income	144.89	64.81	(55.3 %)
Net Income	142.57	69.39	(51.3 %)
Average Shares	164.82	164.82	-
EPS (Riyals)	0.87	0.42	(51.3 %)

Shareholders’ equity, no minority interest, reached SAR 4.41 billion as of Sept. 30, 2024, from SAR 4.11 billion a year earlier.

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