Makkah Construction & Development posts $12.5mln net profit in Q1

Riyadh: Makkah Construction and Development Company (MCDC) reported a 16.07% year-on-year decline in its net profit during the first quarter of the fiscal Hijri year 1439/1440, registering SAR 47 million.

MCDC’s operating profits dropped 17.24% to SAR 48 million in the first quarter of its FY, according to a bourse statement released on Monday.

Earnings per share (EPS) went down to SAR 0.28 in Q1 versus SAR 0.34 in the first three months of the previous fiscal year.

The Saudi Arabian developer posted an 11.04% decline in its profits during the fiscal year ended 30-Rabi Al Thani 1439H.