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Makkah Construction’s net profit jumps 114% YoY in 2023; dividends approved

Makkah Construction’s net profit jumps 114% YoY in 2023; dividends approved
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Riyadh – Mubasher: The net profit of Makkah Construction and Development Company leapt 114.10% year-on-year (YoY) to SAR 334 million in 2023 from SAR 156 million.

Revenues soared 58.57% YoY to SAR 731 million last year from SAR 461 million, according to the annual financial results.

The earnings per share (EPS) reached SAR 2.03 in 2023, up from SAR 0.94 in 2022.

Cash Dividends

Makkah Construction’s board approved the distribution of SAR 247.22 million, or SAR 1.50 per share, in cash dividends for 2023.

In the first nine months (9M) of 2023, Makkah Construction recorded a net profit of SAR 256 million, up from SAR 114 million the year before.