Makkah Construction & Development Company (Makkah Construction) has announced its financial results for the year ending in 30 Rabi Al-Akhar 1937 (9 February 2016). Net income was SAR311 million, down 4.9% Y-o-Y. Operating profit was at SAR324 million, down 5.5% Y-o-Y and gross profit was SAR341 million, down 3.9% Y-o-Y. Management attributed the slight drop in profitability to a rise in employee expenses. The company also announced that its board has approved the distribution of SAR412 million in cash dividends for the year-ending in 30 Rabi Al-Akhar 1937 (9 February 2016), which implies SAR2.5/share and a dividend yield of 3.0%. Eligible shareholders are those registered at end of closing session on the day of the AGM. (Tadawul)