Riyadh – Mubasher: Umm Al Qura for Development and Construction debuted on the Saudi Exchange’s (Tadawul) Main Market at SAR 15 per share in line with the announcement of its financial results for the full-year ended on 31 December 2024.
The IPO was oversubscribed 241 times in the institutional tranche and 20 times in the retail tranche, according to a press release.
The CEO of Umm Al Qura, Yasser Abu Ateek, said: “We are proud of the significant progress [Tadawul Listing] we have made and the strong foundation we have built for the future of Makkah.”
Abu Ateek noted: “The achievements of 2024 reinforce our commitment to delivering exceptional value to our stakeholders, and particularly the incoming public shareholders.”
Financial Performance
During the full-year 2024, Umm Al Qura’s revenue increased by 84.60% to SAR 1.82 billion.
The net profit soared by 57.30% year-on-year (YoY) in 2024 to SAR 498.6 million.
Umm Al Qura further noted that 99.8% of core infrastructure works were completed on the MASAR Destination as of December 2024.
In addition, there were 46 plots sold, leased out or under joint venture agreements as of December 2024.
The CEO concluded: “Umm Al Qura is now positioned for continued success in the years ahead as we remain focused on the goals of Vision 2030 and our commitments to enhancing the experience of residents, pilgrims and visitors of Makkah while developing a world-class multi-use destination.”
It is worth noting that Umm Al Qura is the owner, developer, and operator of MASAR Destination which is one of the largest development projects in the region.
