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Makkah Construction and Development logs 74% YoY higher profit in Q1-24

Makkah Construction and Development logs 74% YoY higher profit in Q1-24
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Riyadh – Mubasher: The net profit of Makkah Construction and Development Company jumped by 73.84% year-on-year (YoY) to SAR 113 million in the first quarter (Q1) of 2024 from SAR 65 million.

Revenues surged by 32.14% YoY to SAR 185 million in Q1-24 from SAR 140 million, according to the interim financial results.

The earnings per share (EPS) reached SAR 0.69 in the three-month period that ended on 31 March 2024, up from SAR 0.39 in the corresponding period a year earlier.

Quarter-on-quarter (QoQ), the company’s net profit soared 44.87% in Q1-24 from SAR 78 million in Q4-23, while the revenues jumped by 38.05% from SAR 134 million.

In 2023, Makkah Construction and Development posted a 114.10% YoY surge in net profit to SAR 334 million, compared to SAR 156 million.