Makkah Construction turns profitable in Q3-21

Sales jumped 800% to $12mn in Q3-21

  
A Saudi man inspects a screen showing stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019.

A Saudi man inspects a screen showing stock prices at ANB Bank in Riyadh, Saudi Arabia September 16, 2019.

REUTERS/Ahmed Yosri
Riyadh –  Makkah Construction and Development Company achieved net profits after Zakat and tax of SAR 12 million in the third quarter (Q3) of 2021, versus losses of SAR 29 million in Q3-20.

Sales jumped 800% to SAR 45 million in Q3-21 from SAR 5 million in Q3-20, according to the financial results on Wednesday.

On a quarterly basis, the real estate developer’s Q3-21 profits were against SAR 4 million losses in Q2-21, while the sales increased by 36% from SAR 33 million.

During the first nine months of 2021, Makkah Construction recorded net losses worth SAR 3 million, lower by 78.5% than SAR 14 million in the January-September 2020 period.

The loss per share stood at SAR 0.02 at the end of September 2021, compared to SAR 0.09 in the same period last year. Sales shrank by 3.8% to SAR 101 million from SAR 105 million.

Source: Mubasher

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