Makkah Construction and Development (4100) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 reached SAR 235.6 million, up from SAR 185.4 million year-over-year.

• Net profit for the period was SAR 150.1 million, compared to SAR 113.4 million in Q1 2024.

• Comprehensive income surged to SAR 758.5 million, driven by significant unrealized gains on financial assets.

• Share capital increased to SAR 2 billion following a bonus share issue.

Financial highlights

• Gross profit rose to SAR 169.8 million from SAR 126.9 million year-over-year.

• Earnings per share increased to SAR 0.75 from SAR 0.57 year-over-year.

• EBITDA grew 30% to SAR 163 million compared to SAR 125 million in Q1 2024.

• Free cash flow declined 19% to SAR 90 million from SAR 111 million year-over-year.

• Capex decreased 10% to SAR 9 million from SAR 10 million year-over-year.

Outlook and guidance

• Management notes that Q1 results are not indicative of full-year performance due to seasonality, with higher revenues expected during Hajj and Umrah seasons.