Makkah Construction and Development Co. — Earnings Release 2022

Mar 30, 2023

Makkah Construction and Development Co. announces its Annual Financial Results for the Period Ending on 2022-12-31

4100 · 30/03/2023 16:15:26 · Announcement #72793 · View on Saudi Exchange

Makkah Construction and Development Co. announces its Annual Financial Results for the Period Ending on 2022-12-31

Element List	Current Year	Previous Year	%Change
Sales/Revenue	253	208	21.63
Gross Profit (Loss)	139	107	29.91
Operational Profit (Loss)	112	66	69.7
Net Profit (Loss) after Zakat and Tax	104	56	85.71
Total Comprehensive Income	-713	-220	224.09
Total Share Holders Equity (after Deducting Minority Equity)	3,360	4,089	-17.83
Profit (Loss) per Share	0.63	0.34
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the net profit during the current year compared to the last year is	The reason for achieving a net profit during a period of six months and fourteen days of the current year compared to a period of six months and thirteen days of the same year (due to the shift of the date of the fiscal year from Hijri to Gregorian) is due to the increase in revenues and occupancy rates of residential rooms in Makkah Hotel and Towers Company to increase the number of guests of visitors and pilgrims, as well as an increase in the revenues of the mall.
Statement of the type of external auditor's report	Unmodified opinion
Reclassification of Comparison Items	Some of the comparative figures for the previous year have been reclassified to conform to the presentation of the current year figures
Additional Information	With reference to the company’s announcement published on the Tadawul website on 10/16/1443 AH corresponding to 17/05/2022 AD regarding the approval of the ninth extraordinary general assembly of the company’s shareholders to amend some articles of the company’s articles of association, including Article 42, which provides for the conversion of the company’s financial year from the Hijri year that It ends on (30/4) to the Gregorian year, which ends on (31/12).

By making an integrated plan to implement this transformation, since the company issued the financial statements for the short Hijri fiscal year, which starts from the date of 1/5/1443 AH and ends on 11/14/1443 AH, and now the financial statements are issued for the short Gregorian fiscal year, which starts from 06/14/2022 AD and ends On 12/31/2022 AD, accordingly, it made a comparison between the two short periods.

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