Riyadh –  Makkah Construction and Development Company has recorded net profits after Zakat and tax worth SAR 9 million during the first quarter (Q1) of 2022, against net losses of SAR 11 million in Q1-21.

The company’s revenues stood at SAR 55 million during the January-March period in 2022, an annual surge of 139.13% from SAR 23 million, according to a recent bourse filing.

Moreover, the earnings per share (EPS) amounted to SAR 0.05 in the first three months of 2022, versus a loss per share of SAR 0.06 in the year-ago period.

On a quarterly basis, the company’s revenues in Q1-22 dropped by 5.17% from SAR 58 million in Q4-21, while the net profits enlarged by 28.57% from SAR 7 million.

In the third quarter (Q3) of 2021, the real estate developer registered net profits after Zakat and tax worth SAR 12 million, compared to net losses of SAR 29 million in the same period a year earlier.

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