Riyadh – Mubasher: Makkah Construction and Development on Sunday said its profits decreased by 7.02% year-on-year in its second quarter ended on 29 Shawwal 1438 Hijri date.

Year-on-year, net profits retreated to SAR 106 million, from SAR 114 million, according to a statement to the Saudi Stock Exchange (Tadawul).

Quarter-on-quarter, profits surged 89.29%.

The company attributed its year-on-year net profits drop to the decline in revenues and the decrease in hotels rooms’ occupancy in Hilton Hotel in Makkah and Makkah Hilton Towers.

At the level of the first six months of the year net profits tumbled 4.14% to reach SAR 162 million, compared to SAR 169 million in the corresponding period in the year before.

The Saudi construction firm’s fiscal year ended by the end of Rabi-uthani Hijri month.

The stock edged up 0.34%, closing at SAR 87.70 on Sunday.