Makkah Construction turns profitable at $23mln in H1-22

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Riyadh – Makkah Construction and Development Company has turned to net profits after Zakat and tax of SAR 86 million during the first half (H1) of 2022, versus net losses of SAR 14 million in H1-21.

The company also posted earnings per share worth SAR 0.52 in H1-22, against a loss per share of SAR 0.09 in H1-21, according to a bourse filing on Monday.

Makkah Construction generated sales of SAR 201 million during the January-June 2022 period, a leap of 258.93% from SAR 56 million in the year-ago period.

During the second quarter (Q2) of 2022, the firm also turned to net profits worth SAR 78 million, versus losses of SAR 4 million in Q2-21.

The sales soared by 342.42% to SAR 146 million in Q2-22 from SAR 33 million in Q2-21.

On a quarterly basis, the Q2-22 net profits jumped by 766.67% from SAR 9 million in Q1-22, while the sales increased by 165.45% from SAR 55 million.