Riyadh – Makkah Construction and Development Company achieved a net profit after Zakat and tax worth SAR 187 million in the first half (H1) of 2023, marking a 128.05% annual surge from SAR 82 million.

The earnings per share (EPS) rose to SAR 1.14 in H1-23 from SAR 0.50 in H1-22, according to a bourse filing.

Makkah Construction said the higher net income in H1-23 resulted from a 73.13% year-on-year (YoY) growth in revenue to SAR 348 million from SAR 201 million.

Financial Results for Q2-23

During the second quarter (Q2) of 2023, the Saudi real estate developer generated net profits amounting to SAR 123 million, which came 66.22% higher than SAR 74 million in Q2-22.

The sales also increased by 42.47% on an annual basis to SAR 208 million during April-June 2023 when compared with SAR 146 million.

When compared to the previous quarter, the net profits in Q2-23 were 89.23% higher than SAR 65 million, while the revenues soared by 48.57% from SAR 140 million.

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