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Makkah Construction profit falls 11% in 12M

Makkah Construction profit falls 11% in 12M
The board recommended distributing cash dividends of SAR 2 per share
MCDC
4100
72.52% 108.00 45.40

Riyadh – Mubasher: Makkah Construction and Development Company on Monday posted an 11.04% drop in its profits during the fiscal year ended 30-Rabi Al Thani 1439H.

Net profits amounted to SAR 266 million in the last FY, down from SAR 299 million in the previous year, according to a statement to the Saudi Stock Exchange (Tadawul).

The Tadawul-listed company attributed its year-on-year net profits drop to a decline in revenues on the back of a decrease in the occupancy of hotels rooms.

Total revenues levelled down 6.01% to SAR 563 million by the end of Rabi Al Thani 1439H from SAR 599 million in the corresponding period of 1438H.

As for the first nine months of 1439H, Makka’s net profits inched down 1.23% year-on-year to SAR 241 million.

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

The company's board recommended distributing cash dividends of SAR 2 per share, equalling 20% of the share's nominal value.

By the end of Sunday’s session, Makkah Construction’s stock decreased 0.34% at SAR 76.50.