Upcoming Dividend • May 27
Upcoming dividend of ر.س1.50 per share Eligible shareholders must have bought the stock before 03 June 2026. Payment date: 22 June 2026. Payout ratio is a comfortable 64% but the company is not cash flow positive. Trailing yield: 1.7%. Lower than top quartile of Saudi dividend payers (6.0%). Lower than average of industry peers (3.2%). Reported Earnings • May 18
First quarter 2026 earnings released: EPS: ر.س0.81 (vs ر.س0.75 in 1Q 2025) First quarter 2026 results: EPS: ر.س0.81 (up from ر.س0.75 in 1Q 2025). Revenue: ر.س251.4m (up 6.7% from 1Q 2025). Net income: ر.س162.2m (up 8.0% from 1Q 2025). Profit margin: 65% (in line with 1Q 2025). Revenue is forecast to grow 6.0% p.a. on average during the next 3 years, compared to a 9.7% growth forecast for the Real Estate industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • May 07
Makkah Construction and Development Company, Annual General Meeting, Jun 02, 2026 Makkah Construction and Development Company, Annual General Meeting, Jun 02, 2026, at 18:30 Arab Standard Time. Location: mekkah Saudi Arabia Reported Earnings • Mar 28
Full year 2025 earnings: EPS in line with expectations, revenues disappoint Full year 2025 results: EPS: ر.س2.37 (up from ر.س2.06 in FY 2024). Revenue: ر.س1.07b (up 28% from FY 2024). Net income: ر.س474.1m (up 15% from FY 2024). Profit margin: 44% (down from 49% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 1.9%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is forecast to grow 9.3% p.a. on average during the next 2 years, compared to a 11% growth forecast for the Real Estate industry in Saudi Arabia. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 13
Third quarter 2025 earnings released: EPS: ر.س0.43 (vs ر.س0.35 in 3Q 2024) Third quarter 2025 results: EPS: ر.س0.43 (up from ر.س0.35 in 3Q 2024). Revenue: ر.س284.3m (up 100% from 3Q 2024). Net income: ر.س85.4m (up 23% from 3Q 2024). Profit margin: 30% (down from 49% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 19% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Sep 25
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to ر.س87.25, the stock trades at a trailing P/E ratio of 38.8x. Average trailing P/E is 17x in the Real Estate industry in Saudi Arabia. Total returns to shareholders of 74% over the past three years. New Risk • Aug 11
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 97% Dividend yield: 2.0% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 09
Second quarter 2025 earnings released: EPS: ر.س0.72 (vs ر.س0.72 in 2Q 2024) Second quarter 2025 results: EPS: ر.س0.72 (up from ر.س0.72 in 2Q 2024). Revenue: ر.س388.1m (up 11% from 2Q 2024). Net income: ر.س144.2m (up 1.1% from 2Q 2024). Profit margin: 37% (down from 41% in 2Q 2024). The decrease in margin was driven by higher expenses. Announcement • May 22
Makkah Construction and Development Company Approves Cash Dividend for the Fiscal Year Ending December 31, 2024, Payable on June 11, 2025 The Board of Directors of Makkah Construction and Development Company recommendation to distribute cash dividends in the amount of (SAR 300,000,000) to shareholders for the fiscal year ending December 31,2024, at a rate of (SAR 1.50) per share, representing 15% of the nominal value of the share, provided that the right is for shareholders who own shares at the end of trading on the day of the General Assembly meeting and who are registered in the company’s shareholders’ register with the Securities Depository Center Company (Edaa) at the end of the second trading day following the due date, provided that the distribution of dividends begins on, 15/12/1446, corresponding to June 11, 2025. Upcoming Dividend • May 14
Upcoming dividend of ر.س1.50 per share Eligible shareholders must have bought the stock before 20 May 2025. Payment date: 11 June 2025. Payout ratio is a comfortable 67% but the company is paying out more than the cash it is generating. Trailing yield: 1.4%. Lower than top quartile of Saudi dividend payers (5.1%). Lower than average of industry peers (2.3%). Reported Earnings • May 09
First quarter 2025 earnings released: EPS: ر.س0.75 (vs ر.س0.57 in 1Q 2024) First quarter 2025 results: EPS: ر.س0.75 (up from ر.س0.57 in 1Q 2024). Revenue: ر.س235.6m (up 27% from 1Q 2024). Net income: ر.س150.1m (up 32% from 1Q 2024). Profit margin: 64% (up from 61% in 1Q 2024). The increase in margin was driven by higher revenue. Declared Dividend • Apr 30
Dividend of ر.س1.50 announced Shareholders will receive a dividend of ر.س1.50. Ex-date: 20th May 2025 Payment date: 11th June 2025 Dividend yield will be 1.4%, which is lower than the industry average of 3.9%. Payout Ratios Payout ratio: 61%. Cash payout ratio: 83%. Announcement • Apr 29
Makkah Construction and Development Company, Annual General Meeting, May 19, 2025 Makkah Construction and Development Company, Annual General Meeting, May 19, 2025, at 20:00 Arab Standard Time. Location: jeddah Saudi Arabia Reported Earnings • Mar 18
Full year 2024 earnings released: EPS: ر.س2.49 (vs ر.س1.67 in FY 2023) Full year 2024 results: EPS: ر.س2.49 (up from ر.س1.67 in FY 2023). Revenue: ر.س836.0m (up 14% from FY 2023). Net income: ر.س411.0m (up 23% from FY 2023). Profit margin: 49% (up from 46% in FY 2023). The increase in margin was driven by higher revenue. Valuation Update With 7 Day Price Move • Jan 15
Investor sentiment deteriorates as stock falls 19% After last week's 19% share price decline to ر.س94.93, the stock trades at a trailing P/E ratio of 38.8x. Average trailing P/E is 27x in the Real Estate industry in Saudi Arabia. Total returns to shareholders of 27% over the past three years. Reported Earnings • Nov 09
Third quarter 2024 earnings released: EPS: ر.س0.42 (vs ر.س0.41 in 3Q 2023) Third quarter 2024 results: EPS: ر.س0.42 (up from ر.س0.41 in 3Q 2023). Revenue: ر.س141.9m (down 43% from 3Q 2023). Net income: ر.س69.4m (up 1.5% from 3Q 2023). Profit margin: 49% (up from 27% in 3Q 2023). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 58% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Announcement • Aug 29
Makkah Construction and Development Company (SASE:4100) entered into a share purchase agreement to acquire 30.13% stake in First Avenue Real Estate Development Company for SAR 340.88 million. Makkah Construction and Development Company (SASE:4100) entered into a share purchase agreement to acquire 30.13% stake in First Avenue Real Estate Development Company for SAR 340.88 million on August 27, 2024. Reported Earnings • Aug 06
Second quarter 2024 earnings released: EPS: ر.س0.87 (vs ر.س0.75 in 2Q 2023) Second quarter 2024 results: EPS: ر.س0.87 (up from ر.س0.75 in 2Q 2023). Revenue: ر.س350.1m (up 69% from 2Q 2023). Net income: ر.س142.6m (up 16% from 2Q 2023). Profit margin: 41% (down from 59% in 2Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 69% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 21
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to ر.س115, the stock trades at a trailing P/E ratio of 49.5x. Average trailing P/E is 23x in the Real Estate industry in Saudi Arabia. Total returns to shareholders of 72% over the past three years. New Risk • Jul 17
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Saudi stocks, typically moving 5.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. This is currently the only risk that has been identified for the company. Announcement • Jun 08
Makkah Construction and Development Company Approves Dividend for the Fiscal Year Ended March 31, 2023, Payable on June 13, 2024 With reference to the Makkah Construction and Development Company's announcement on (Tadawul) website on 30/05/2024 regarding the results of the Ordinary General Assembly (37) held on 29/05/2024 and the approval of distributing dividends to shareholders for the fiscal year 2023 AD at a value of SAR 1.50 per share, which represents (15%) of the nominal value of the share representing a total amount of SAR 247,224,360, provided that the eligibility for dividends is for the company's shareholders registered with the Securities Depository Center Company (Edaa) at the end of the second trading day following the entitlement date. Makkah Construction and Development Company is pleased to announced to its esteemed shareholders that dividends will be distributed starting from 13/06/2024 AD, corresponding to 07/12/1445 AH, through Al Rajhi Bank. Announcement • May 08
Makkah Construction and Development Company, Annual General Meeting, May 29, 2024 Makkah Construction and Development Company, Annual General Meeting, May 29, 2024, at 16:30 Coordinated Universal Time. Agenda: To Review the Board of Directors’ report for the financial year ending on 31/12/2023 AD; to Vote on the company’s auditor’s report for the financial year ending on 31/12/2023 AD; to Review and discuss the financial statements for the fiscal year ending on 31/12/2023 AD; to Vote on the Board of Directors’ recommendation to distribute cash dividends; and to consider other matters. Reported Earnings • Apr 04
Full year 2023 earnings released Full year 2023 results: EPS: ر.س2.03. Revenue: ر.س730.9m (up 72% from FY 2022). Net income: ر.س334.2m (up 133% from FY 2022). Profit margin: 46% (up from 34% in FY 2022). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 85% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Mar 19
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 38% to ر.س105. The fair value is estimated to be ر.س85.61, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 61% over the last 3 years. Earnings per share has grown by 92%. Valuation Update With 7 Day Price Move • Feb 08
Investor sentiment improves as stock rises 16% After last week's 16% share price gain to ر.س83.90, the stock trades at a trailing P/E ratio of 48.4x. Average trailing P/E is 26x in the Real Estate industry in Saudi Arabia. Total returns to shareholders of 43% over the past three years. Reported Earnings • Nov 19
Third quarter 2023 earnings released: EPS: ر.س0.41 (vs ر.س0.52 in 3Q 2022) Third quarter 2023 results: EPS: ر.س0.41 (down from ر.س0.52 in 3Q 2022). Revenue: ر.س249.2m (down 15% from 3Q 2022). Net income: ر.س68.3m (down 20% from 3Q 2022). Profit margin: 27% (down from 29% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Announcement • Sep 13
Makkah Construction and Development Company Names Fahad Mohammad Saleh Al Fawaz as CEO, with Effect from October 1, 2023 Makkah Construction and Development Company named Fahad Mohammad Saleh Al Fawaz as its new CEO. The board members accepted Al Fawaz's appointment on 7 September, yet he will take over his new role on 1 October 2023. The new official holds a master's degree in Business Administration from the British University of Surrey as well as a bachelor's degree in Industrial Management from King Fahd University of Petroleum and Minerals. Al Fawaz has diverse practical and administrative experience in leadership positions across several business fields that focus on hotel operations and real estate development. He also served as a board member and audit committee for a number of hotel and real estate companies. This is in addition to his expertise in the banking and industrial development field through working for the Industrial Development Fund. Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: ر.س0.74 (vs ر.س0.52 in 2Q 2022) Second quarter 2023 results: EPS: ر.س0.74 (up from ر.س0.52 in 2Q 2022). Revenue: ر.س207.5m (down 29% from 2Q 2022). Net income: ر.س122.8m (up 44% from 2Q 2022). Profit margin: 59% (up from 29% in 2Q 2022). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Announcement • Jun 20
Makkah Construction & Development Company Announces Management Appointments Makkah Construction and Development Company named Saleh Muhammad Awad bin Laden as the new Chairman of the board for the coming three years. The Saudi firm also appointed Abdul Raouf Muhammad Abdullah Manna as the Vice Chairman, according to a bourse disclosure. Additionally, Hamza Muhammad Salih Hamza Serafi was announced as the company's Managing Director. Meanwhile, the three officials assumed their roles for a new session that commenced on 10 June 2023 and will remain in position until 9 June 2026. Board Change • Jan 02
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 8 non-independent directors. Independent Chairman of the Board Ahmad Bin Abdul Bin Sulaiman Al Hamdan was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 7 non-independent directors. Independent Chairman of the Board Ahmad Bin Abdul Bin Sulaiman Al Hamdan was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 02
Makkah Construction & Development Company Selects Ahmed Abdulaziz Suleiman Al-Hamdan as Chairman Makkah Construction & Development Company announced the selection of Mr. Ahmed Abdulaziz Suleiman Al-Hamdan, Vice Chairman of the Board of Directors, to be the Chairman of the Company's Board of Directors, to succeed the resigned Chairman, by decision of the company. Mr. Ahmed Al-Hamdan is one of the distinguished national competencies, who has held many great leadership positions in government agencies and his membership in the Board of Directors of several official bodies and other companies, in addition to his long experience in participating in the company's Board of Directors since 1424 AH, whether it was A member or chairman of the audit committee or a deputy chairman of the company's board of directors. Announcement • Oct 25
Makkah Construction and Development Co. Announces Resignation of Mr. Abdul Rahman Abdul Qader Mohammad Fakieh as Member and Chairman of the Board of Directors (Non-Executive Member) Makkah Construction and Development Co. announced that the Board of Directors has accepted the resignation Mr. Abdul Rahman Abdul Qader Mohammad corresponding to 24 October 2022, and the Board expressed its thanks and appreciation for what he provided to the company throughout his membership period. Reported Earnings • Aug 21
Third quarter 2021 earnings released: EPS: ر.س0.07 (vs ر.س0.18 loss in 3Q 2020) Third quarter 2021 results: EPS: ر.س0.07 (up from ر.س0.18 loss in 3Q 2020). Revenue: ر.س44.7m (up ر.س40.1m from 3Q 2020). Net income: ر.س11.8m (up ر.س41.1m from 3Q 2020). Profit margin: 26% (up from net loss in 3Q 2020). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 102 percentage points per year, which is a significant difference in performance. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 8 non-independent directors. Independent Deputy Chairman of the Board Ahmad Bin Abdul Bin Sulaiman Al Hamdan was the last independent director to join the board, commencing their role in 2020. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Nov 01
Third quarter 2021 earnings released: EPS ر.س0.07 (vs ر.س0.18 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: ر.س44.7m (up ر.س40.1m from 3Q 2020). Net income: ر.س11.8m (up ر.س41.1m from 3Q 2020). Profit margin: 26% (up from net loss in 3Q 2020). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Reported Earnings • Aug 12
Second quarter 2021 earnings released: ر.س0.02 loss per share (vs ر.س0.16 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: ر.س33.3m (up 467% from 2Q 2020). Net loss: ر.س3.82m (loss narrowed 85% from 2Q 2020). Reported Earnings • Mar 20
Full year 2020 earnings released: ر.س0.36 loss per share (vs ر.س1.43 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: ر.س123.4m (down 74% from FY 2019). Net loss: ر.س58.9m (down 125% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 07
New 90-day low: ر.س59.30 The company is down 2.0% from its price of ر.س60.80 on 09 November 2020. The Saudi market is flat over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Real Estate industry, which is down 6.0% over the same period. 
