Riyadh-Mubasher: Makkah Construction and Development Co. posted net earnings of SAR 69 million for the fourth quarter ended 30 Rabi Al-Thani 1437 AH, falling 20% compared with SAR 86 million in the same quarter a year ago.
Full-year net income also fell 5% to SAR 311 million, compared with SAR 327 million in 1436.
The company attributed the profit decline to higher expenses from operating Makkah Hilton hotel and towers, as well as fall in revenues and occupancy rate of the same hotel.
