Makkah Construction posts 622% leap in Q1-23 profits

Riyadh –  Makkah Construction and Development Company recorded net profits after Zakat and tax amounting to SAR 65 million in the first quarter (Q1) of 2023, an annual jump of 622.22% from SAR 9 million.

The revenues stood at SAR 140 million in Q1-23, higher by 154.54% than SAR 55 million as of 31 March 2022, according to the interim financial results.

In the first three months (3M) of 2023, the earnings per share (EPS) went up to SAR 0.39 from SAR 0.05 in the year-ago period.

On a quarterly basis, the Q1-23 net profits enlarged by 41.30% from SAR 46 million in Q4-22, while the revenues increased by 15.70% from SAR 121 million.

Last year, Makkah Construction registered SAR 104 million in net profit after Zakat and tax, an 85.71% hike from SAR 56 million in 2021.

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