Makkah Construction and Development logs 74% YoY higher profit in Q1-24

Faisal Al Nasser

Revenues surged by 32.14% YoY to SAR 185 million in Q1-24 from SAR 140 million, according to the interim financial results

Staff Writer, Mubasher

May 15, 2024

PHOTO

The net profit of Makkah Construction and Development Company jumped by 73.84% year-on-year (YoY) to SAR 113 million in the first quarter (Q1) of 2024 from SAR 65 million.

Revenues surged by 32.14% YoY to SAR 185 million in Q1-24 from SAR 140 million, according to the interim financial results.

The earnings per share (EPS) reached SAR 0.69 in the three-month period that ended on 31 March 2024, from SAR 0.39 in the corresponding period a year earlier.

Quarter-on-quarter (QoQ), the company’s net profit soared 44.87% in Q1-24 from SAR 78 million in Q4-23, while the revenues jumped by 38.05% from SAR 134 million.

In 2023, Makkah Construction and Development posted a 114.10% YoY surge in net profit to SAR 334 million from SAR 156 million.

Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.