Makkah Construction converts FY from Hijri to Gregorian

Logo of Makkah Construction and Development Co.

Makkah Construction and Development Co. (MCDC) announced its intention to amend its fiscal year to follow Gregorian calendar, which ends Dec. 31, instead of Hijri year, which ends on Rabi Al Thani 30.

The company said in a statement on Tadawul that the decision follows the Extraordinary General Assembly’s approval on May 16.

The change will be executed through an integrated plan, and MCDC will issue the financial statements for the coming period as follows:

Second quarter financial reports (Hijri) for the period from Sha’ban 1, 1443, to Shawwal 29, 1443, corresponding to March 4, 2022, to May 30, 2022, during the regulatory period.

Annual statements for the shortened Hijri year 1443/1444 – from Jumada Al Awwal 1, 1443, to Dhul Qa’dah 14, 1443 -- during the regulatory period.

Third quarter financials (Gregorian) for the period from June 14 to Sept. 30, 2022, (3 months and 17 days), during the regulatory period.

Annual statements for the truncated Gregorian year for 2022 -- from June 14 to Dec. 31, 2022 -- during the regulatory period.

The statement clarified that this transformation will not have any negative effects on the company.