MCDC 2024 Profits Rise 23% to SAR 411 Million

Makkah Construction and Development Co. (MCDC) announced on Thursday that its net profit grew by 23% to SAR 411 million by the end of 2024, compared to SAR 334 million in 2023, following the announcement today of the preliminary financial results for the duration ending Dec. 31, 2024.

The operational profit increased by 15% to SAR 400 million by the end of 2024, compared to SAR 347 million in 2023.

The equity (after excluding non-controlling interests) in the current year decreased by 0.9% to SAR 4.05 billion, compared to SAR 4.09 billion in 2023.

The profits per share for the current year amounted to SAR 2.49, compared to SAR 2.03 in 2023.

The Company stated in a statement that the reason for the increase in the revenue this year, compared to the previous year is due to the increase in commercial mall rental revenues, Hajj segment revenues, and the hotel and towers of the MCDC due to the increase of average room rate