Umm Al Qura Profits Surge 57% to SAR 499 Million by End-2024

Umm Al Qura for Development and Construction Co. announced on Monday that its net profit jumped 57% to SAR 499 million by the end of 2024, compared to SAR 317 million in 2023. This came after the announcement today of the preliminary financial results for the duration ending December 31, 2024.

The operational profit increased by 38% to SAR 558 million by the end of 2024, compared to SAR 405 million in 2023.

The shareholders’ equity (excluding non-controlling interests) increased by 4% to SAR 12.9 billion in the current year, compared to SAR 12.5 billion in 2023.

The profits per share for the current year amounted to SAR 0.38, compared to SAR 0.24 in 2023.

The Company stated in a statement today on Tadawul that the reason for the 84.6% increase in revenues this year, compared to the previous year is due to increased revenues from land sales and the recognition of rental income.