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MAKKAH CONSTRUCTION & DEVELOPMENT COMPANY
Core business: Construction projects for all new developments and upgrade work in the vicinity of the Grand Mosque in Makkah.
MC&DC has delighted shareholders in the last two weeks by maintaining its cash dividend at SR247 million for its June-to-June cycle.
Other figures from the statement look strong too, with net income beating that of 2008 by 17% despite a slip from the AED213 million posted between July 2008 and June 2009.
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First quarter profits this year were SR52 million, up from SR43 million of last year’s first quarter. The company is well-placed as a developer for the area around the Grand Mosque based on a recent incline in pilgrim numbers, with the Hilton Makkah a stand-out project for the company project.
Its share price has been substantial, from SR27 at the start of the year to SR30.1 on the 22nd June, though not without its volatility.
CW benchmark outperformance: 6.9%
Market capitalisation: SR43 billion
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