Makkah Construction and Development Co. — Earnings Release 2023

Mar 25, 2024

Makkah Construction and Development Co. announces its Annual Financial results for the period ending on 2023-12-31

4100 · 25/03/2024 08:05:03 · Announcement #78905 · View on Saudi Exchange

Makkah Construction and Development Co. announces its Annual Financial results for the period ending on 2023-12-31

Element List	Current Year	Previous Year	%Change
Sales/Revenue	731	461	58.57
Gross Profit (Loss)	432	294	46.94
Operational Profit (Loss)	345	174	98.28
Net profit (Loss)	334	156	114.1
Total Comprehensive Income	896	-937	-
Total Share Holders Equity (After Deducting the Minority Equity)	4,091	3,360	21.75
Profit (Loss) per Share	2.03	0.94
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Amount	Percentage of the capital (%)
Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value	-	-
All figures are in (Millions) Saudi Arabia, Riyals

Element List	Explanation
The reason of the increase (decrease) in the sales/ revenues during the current year compared to the last year	The reason for the increase the increase in revenues due to occupancy rates of residential rooms at the Makkah Hotel and Towers Company as a result of the increase in the number of visitors and pilgrims, as well as the improvement in average accommodation prices, and also the increase in the revenues of the mall as a result of renting shops that were vacant
The reason of the increase (decrease) in the net profit during the current year compared to the last year is	The reason for the increase in net profit is the increase in revenues and occupancy rates of residential rooms at the Makkah Hotel and Towers Company as a result of the increase in the number of visitors and pilgrims, as well as the improvement in average accommodation prices, and also the increase in the revenues of the mall as a result of renting shops that were vacant. The allowance for credit losses was also reversed.
Statement of the type of external auditor's report	Unmodified opinion
Comment mentioned in the external auditor’s report, mentioned in any of the following paragraphs (other matter, conservation, notice, disclaimer of opinion, or adverse opinion)	Not Available
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 16/10/1443 AH corresponding to 05/17/2022 AD regarding the approval of the ninth extraordinary general assembly of the company’s shareholders to amend some articles of the company’s bylaws, including Article 42, which stipulates converting the company’s fiscal year from the Hijri year that ends Dated (4/30) until the Gregorian year, which ends on (12/31).

The company has issued financial statements for the short Hijri fiscal year, which begins on 5/1/1443 AH and ends on 11/14/1443 AH, and has also issued financial statements for the short Gregorian fiscal year, which begins on 06/14/2022 AD and ends on 12/31/2022 AD. Accordingly, By collecting the financial statement numbers for the two mentioned periods and becoming the comparison number (for the previous year, 2022 AD)"

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