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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%.

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