Saudi Makkah Construction and Development Co. turns to profit of $1.1m

RIYADH: Makkah Construction and Development Co. turned into profit by the end of 2021, recording SR4 million ($1.1 million).

The Company swung to profit from a net loss of SR59 million during the same period in 2020, according to Tadwaul.

Results were attributed to an increase of 30 percent in revenue.

Despite the gains, the developer said it would not distribute cash dividends to shareholders in 2021, according to a seperate statement to the bourse.