Makkah Construction and Development Company recorded a 383.33% year-on-year (YoY) leap in net profit after Zakat and tax to SAR 58 million during the 13 June-30 September 2022 period, versus SAR 12 million.

During the period that ended on 30 September 2022, the firm posted revenues worth SAR 133 million, an annual surge of 195.56% from SAR 45 million, according to the financial results.

Additionally, the earnings per share (EPS) went up to SAR 0.35 during 13 June-30 September 2022, compared to SAR 0.07 in the year-ago period.

It is worth noting that Makkah Construction shifted its fiscal year (FY) from the Hijri date to the Gregorian calendar after obtaining the authorities' approval on 13 June 2022.

Hence, the short Hijri budget that ended on 13 June was published on Tadawul in December 2022. In this regard, the current period is considered the beginning of the Gregorian initial financial period following the change.

In the first half (H1) of 2022, the company turned profitable at SAR 86 million, against net losses after Zakat and tax worth SAR 14 million in H1-21.

Source:Mubasher

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