Latest news with #MakkahConstruction
Zawya
29-05-2025
- Business
- Zawya
Mideast Stocks: Dubai's stock index snaps five-day winning streak as Fitch flags property woes
Most Gulf stock markets settled lower on Thursday, with Dubai's main index snapping five consecutive sessions of gain, after ratings agency Fitch warned that the real estate prices of the emirate are likely to face a double-digit fall in the second half of this year and 2026. The agency said that a rise in deliveries in 2025 and 2026 to a planned 210,000 units is likely to cause a record increase in supply and push prices down by no more than 15%. In Dubai, real estate development company Emaar Properties , known for its notable works like Dubai Marina, Dubai Creek Harbour and the Dubai Mall, was down 1.48%. The index was down 0.61%. Real estate plays a crucial role in the economy of Dubai, a hub for business and tourism for most Gulf regions. Meanwhile, oil prices rose on Thursday after a U.S. court blocked most of U.S. President Donald Trump's tariffs, with markets keeping a close eye on possible new sanctions curbing Russian crude flows and an OPEC+ decision expected later this week on an output hike in July. The ruling bolstered the global market's risk appetite. However, analysts have warned that the reprieve may only last temporarily as The White House quickly appealed the decision and could take it to the Supreme Court. Saudi Arabia's benchmark stock index settled down 0.56%. Real state companies in the kingdom also took a hit, with Makkah Construction and Development losing 5.65% and Jabal Omar was down 4.52%. "The Saudi bourse remained relatively volatile after rebounding from its low. While a rise in oil prices could provide support, the downside risks weigh on sentiment," said Hani Abuagla, Senior Market Analyst at XTB MENA. "The market remained on a downtrend overall, but could find support from successful initial public offerings." In Abu Dhabi, the benchmark index finished flat. Qatar's benchmark stock index settled down 0.72%, with Vodafone Qatar losing 2.91%. Outside the Gulf, Egypt's blue-chip index, finished up 0.62%. Real estate company Emaar Misr was down 2.32% and Telecom Egypt finished 2.33% lower. The Central Bank in Egypt also lowered its overnight interest rates last week by a less-than-expected 100 basis points. SAUDI ARABIA down 0.56% to 10,990.4 ABU DHABI inched up 0.02% to 9,745.3 DUBAI down 0.61% to 5,492.7 QATAR down 0.72% to 10,463.04 EGYPT up 0.62% to 32,696.8 BAHRAIN inched up 0.01% to 1,920.9 OMAN up 0.97% 4,561.04 KUWAIT down 0.10% to 8,799.1 (Reporting by Rishab Shaju in Bengaluru; Editing by Tasim Zahid)
Zawya
06-05-2025
- Business
- Zawya
Makkah Construction's net profits leap to $40mln in Q1-25
Riyadh - Makkah Construction and Development Company reported 32.74% higher net profits at SAR 150 million in the first quarter (Q1) of 2025, compared with SAR 113 million in Q1-24. The earnings per share (EPS) surged to SAR 0.75 as of 31 March 2025, compared to SAR 0.57 in Q1-24, as the financial results showed. Moreover, the revenues jumped by 27.56% year-on-year (YoY) to SAR 236 million in the first three months (3M) of 2025 from SAR 185 million. Quarter-on-quarter (QoQ), the net profits in Q1-25 soared by 74.41% from SAR 86 million in Q4-24, while the revenues grew by 48.42% from SAR 159 million. At the end of December 2024, Makkah Construction logged net profits amounting to SAR 411 million, which reflected a 23.05% YoY increase from SAR 334 million. Source: Mubasher
Zawya
06-03-2025
- Business
- Zawya
Makkah Construction unveils 23% higher profits in 2024, dividends proposal
Riyadh – Makkah Construction and Development Company registered SAR 411 million in net profit as of 31 December 2024, up 23.05% year-on-year (YoY) from SAR 334 million. Revenues hiked by 14.36% to SAR 836 million last year from SAR 731 million in 2023, according to the financial statements. Meanwhile, the earnings per share (EPS) increased to SAR 2.49 in 2024 from SAR 2.03 a year earlier. Cash Dividends The development company's board members recommended cash dividends of SAR 300 million, representing 15% of the capital, for 2024. Makkah Construction will pay out a dividend of SAR 1.50 per share for 200 million eligible shares. In the nine-month period that ended on 30 September 2024, Makkah Construction recorded 26.95% YoY higher net profits at SAR 325 million, compared to SAR 256 million. Source: Mubasher
