Shares of Makkah Construction close at 4-year high

Logo of Makkah Construction and Development Co.

Shares of Makkah Construction and Development Co. (MCDC) hit their highest price since December 2017, at SAR 92.90, today, April 10.

The stock ended 2% up at SAR 88.80 – the highest level in four years, with 400,000 shares changing hands.

Makkah Construction was incepted in 1989 as a Saudi joint stock company with capital of SAR 1.36 billion. MCDC then increased capital to SAR 1.65 billion.

The company’s core business activities are to own, develop, operate, buy, and rent the areas adjacent to Grand Mosque as well as undertaking all the necessary engineering works.

 The below table shows the key financial indicators:

The Ministry of Hajj and Umrah decided earlier to raise the number of pilgrims from inside and outside the Kingdom to one million this year, based on the quota allocated to each country, Argaam reported.

The ministry added that the move came as part of the Saudi government’s keenness to ensure the safety of pilgrims and allow the largest possible number of pilgrims to perform Hajj and Umrah, while preserving the health gains achieved by the Kingdom in overcoming the coronavirus.