Makkah Construction and Development Company achieved a 383.3% growth in net profits to reach 58 million riyals in the third quarter of 2022, compared to about 12 million riyals in the same quarter of 2021.
According to Arabia Net, the net profit of Makkah Construction declined on a quarterly basis, by 21.6%, compared to a net profit of about 74 million riyals in the second quarter of 2022.
It is worth noting that the period of the third quarter of the company's fiscal year is 3 months and 17 days, as part of the company's shift to work in the Gregorian year instead of the Hijri year.
Makkah Construction said in a statement, that the reason for the increase in net profit during the three-month and seventeen-day period ending on September 30 of this year compared to the corresponding three-month period of the previous year, is due to the increase in revenues and occupancy rates of residential rooms in the company’s hotel and towers to increase the number of guests from Visitors and pilgrims, as well as the increase in the revenues of the mall.
