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JODC heads towards Profitability in the First Quarter due to the Rise in the Revenues

JODC achieved a net profit of 79.3 million Saudi Riyals in the first quarter compared to a loss of 75.51 million Saudi Riyals in the same quarter of the previous year. This came following the announcement of the preliminary financial results for the period ended on 30/3/1438 AH (three months).

The gross profit amounted to 153.7 million Saudi Riyals in the fourth quarter, compared to 8.5 million Saudi Riyals in the same quarter of the previous year; i.e. an increase of 1,718,34%. As for the operating profit, it amounted to 121.3 million Saudi Riyals, compared with a loss of 21.42 million Saudi Riyals in the same quarter of the previous year.

The earnings per share in the current period reached 0.90 Saudi Riyals, compared to a loss of 0.80 Saudi Riyals for the same period of the previous year. The reason behind the achievement of profit in the current quarter compared to the same quarter of the previous year is the rise in the residential units’ sale revenues and the hotel revenues; and the reason behind the decline in the current quarter compared to the previous quarter of the current year is the decline in the residential units’ sale revenues and the hotel revenues. The company explained that for a better presentation, some of the amounts of the previous period have been reclassified to conform to the presentation used in the current financial period, as stated in the Classification No. 12 in the preliminary financial statements.

The total revenues in the current quarter amounted to 311,472,025 Saudi Riyals compared to 104,508,040 Saudi Riyals for the same quarter of the previous year; i.e. an increase of 198%. The total shareholders’ equity (excluding the minority interests) in the current period amounted to 10,187,458,220 Saudi Riyals compared to 9,422,233,623 Saudi Riyals for the same period of the previous year; i.e. an increase of 8.12%.

Other Press Releases

JODC Shareholders Approve Landmark Alinma Fund Debt to Equity Transaction, Set to Issue 225 Million New Shares in Return for Settling SAR 5.3 billion in Outstanding Debt Owed to the Fund

Makkah, KSA; 28 August 2022: Jabal Omar Development Company (“JODC” or the “Company”) (Tadawul: 4250), one of the largest real estate developers in Saudi Arabia and the master developer of the iconic mega mixed-used project in Makkah, Jabal Omar, received shareholder approval for issuing new ordinary shares in the JODC to the unitholders of the […]

JODC’s H1 2022 Revenue Surges to Near Pre-Pandemic Levels on Recovery in Umrah Activity

Government’s exceptional management of the pandemic and easing of the restrictions on pilgrimage activities led to a significant increase in the number of pilgrims Revenue in H1 was SAR 391 million, more than tripling year on year Sustained improvement in gross profit driven by Company’s transformation strategy Company expects to bring in new sources of […]

JODC received the Ministry of Finance’s approval to restructure SAR 3 billion existing loan facility

Makkah, Saudi Arabia; 21 November 2021: Jabal Omar Development Company (“JODC” or the “Company”), one of the largest real estate development companies in the Kingdom of Saudi Arabia, announced today the receipt of the Ministry of Finance’s approval to restructure an existing SAR 3 billion Murabaha loan facility. This agreement will have several immediate and […]

Jabal Omar Development Company Secures Over Half a Billion Saudi Riyals from Land Plot Sale in Jabal Omar Project

Makkah, KSA; 30 September 2021: Jabal Omar Development Company (JODC) (Tadawul: 4250), one the largest real estate developers in Saudi Arabia, today announced it has sold a parcel of land within its project via a public auction for SAR 517 million. The proceeds from the strategic land sale will enable the Company to progress with […]
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