Makkah Construction and Development (4100) Q3 2024 earnings summary

Executive summary

• Interim consolidated financials for the three- and nine-month periods ended September 30, 2024, were reviewed with no material misstatements found.

• The company operates in construction, property development, and hospitality near Al Masjid Al Haram, with subsidiaries in hotel and investment activities.

Financial highlights

• Nine-month revenue reached SAR 677.4 million, up from SAR 597.1 million year-over-year.

• Net profit for the nine months was SAR 325.4 million, up from SAR 255.9 million year-over-year.

• Gross profit for the nine months was SAR 370.0 million, compared to SAR 317.7 million year-over-year.

• Comprehensive income for the nine months was SAR 568.3 million, up from SAR 419.7 million year-over-year.

• Cash and cash equivalents at period end were SAR 283.2 million, down from SAR 525.7 million at year-end 2023.

Outlook and guidance

• Management notes that interim results may not reflect full-year performance due to seasonality, with higher revenues during Hajj, Umrah, and summer.

• The company is confident in its ability to continue as a going concern.