Makkah’s earnings down 11% Y-o-Y in 2017 on lower pilgrim numbers
Makkah Construction and Development (Makkah) has reported its financial headlines for the full year ending 17 Jan 2018. Revenues fell 6% Y-o-Y to SAR563mn. Gross profit fell 8.9% Y-o-Y to SAR309mn, while operating profit fell 9.4% to SAR289mn and net profit by 11% to SAR266mn. The company attributed the decline in revenues and earnings to lower number of Hajj and Umrah pilgrims. The company has also proposed a cash dividend distribution of SAR329.6mn, which is equivalent to SAR2.0/share and implies a dividend yield of 2.6%.
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