Riyadh – Mubasher: Makkah Construction and Development Company (MCDC) on Thursday reported a 2.13% year-on-year profit increase during the first quarter of the current fiscal year.

MCDC’s profit after zakat and taxes reached SAR 48 million in the three-month period ended 29 Rajab, compared to SAR 47 million in the year-ago period, according to a bourse statement.

Quarter-on-quarter, the Saudi developer’s profit dropped 41.5% YoY from Jumada Al Awwal to the end of Rajab, down from SAR 82 million in the previous quarter.

MCDC’s fiscal year ends in the fourth month of the Hijri year.  

The Saudi Arabian developer’s net profits, after zakat and taxes, rose by 7.2% to SAR 283 million in the last fiscal Hijri year, compared to SAR 264 million in the prior year.