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Jabal Omar Development Co. announces its Annual Financial Results for the Period Ending on 2019-12-31

ELEMENTCURRENT YEARPREVIOUS YEAR% CHANGE
Sales/Revenue 904.12 1,962.64 -53.933
Gross Profit (Loss) 124.99 797.84 -84.333
Operational Profit (Loss) 323.08812.54 -60.238
Net Profit (Loss) after Zakat and Tax -393.84 193.78-
Total Comprehensive Income -392.37 188.92 -
Total Share Holders Equity (after Deducting Minority Equity) 9,220.85 9,778.53 -5.703
Profit (Loss) per Share -0.42 0.21
All figures are in (Millions) Saudi Arabia, Riyals

The reason for the net loss incurred for current year compared to last year is decrease of revenue from sales of residential units as revenue last year included one-off bulk sale of residential units
Basis of the External Auditor’s Opinion
Unmodified opinion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion
Not applicable
Reclassification of Comparison Items
Certain prior period amounts have been reclassified to conform to the presentation in the current year ( Disclosure number 34 ).
Additional Information
Profit of Non-controlling interests in the consolidated statement for profit or loss and other comprehensive income for the year ended 31 December 2019 an amount SAR 430,902

The accumulated losses at the end of the year amounted to 181,653,341 riyals, equivalent to 1.95% of the company’s capital.

The spread of novel coronavirus (COVID-19) across multiple geographies was confirmed in early 2020, causing significant macro-economic uncertainty, disruptions to businesses and economic activities. The Group considers this outbreak to be a non-adjusting post balance sheet event. At this early stage, the Group is in the process of assessing the financial impact of COVID 19 on the revenue from hotel operations

Other Disclosures

Jabal Omar Development Company (“JODC”, the “Company”) received the approval of the Ministry of Finance (“MoF”) to restructure its SAR 3.0bn loan

Introduction JODC makes reference to its announcement on Tadawul dated 13 December 2011 regarding the receipt of a SAR 3.0bn loan from MoF (the “Existing Loan”), and further to its announcement dated 29 March 2020 regarding MoF’s approval for extending the maturity of the Existing Loan and providing support to restructure the Company’s remaining loans. […]

Jabal Omar Development Co. Announces recent Development relating to the non-binding offer submitted to the manager of Alinma Makkah Real Estate Fund Relating to the Full Settlement of The rights and Obligations of The Fund’s Assets

Introduction Further to the announcement made by Jabal Omar Development Company (the “Company”) published on the Saudi Exchange website on 6/2/1443H (corresponding to 13/9/2021G) in relation to the submission of a non-binding offer to the manager of Alinma Makkah Real Estate Fund (the “Fund”) on behalf of the Fund for the full settlement of the […]

Jabal Omar Development Co. announces its Interim Financial Results for the Period Ending on 2021-09-30 ( Nine Months )

ELEMENT LISTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR%CHANGEPREVIOUS QUARTER% CHANGE Sales/Revenue43.121.932,134.19677.29-44.21 Gross Profit (Loss)-64.86-67.16-3.424-46.7538.737 Operational Profit (Loss)-57.99-208.5-72.187-227.41-74.499 Net Profit (Loss) after Zakat and Tax-270.04-236.9513.964270.57- Total Comprehensive Income-270.04-236.9513.964270.57- All figures are in (Millions) Saudi Arabia, Riyals ELEMENT LISTCURRENT PERIODSIMILAR PERIOD FOR PREVIOUS YEAR%CHANGE Sales/Revenue141.98144.96-2.055 Gross Profit (Loss)-200.06-248.11-19.366 Operational Profit (Loss)-422.96-460.13-8.078 Net Profit (Loss) after Zakat and Tax […]

Jabal Omar Development Company announces restructuring of the Islamic term financing provided by SABB and SNB

Introduction Jabal Omar Development Company announces signing an agreement to restructure the Islamic term financing (the “Facility”) provided by SABB and SAMBA (SNB currently) under certain financing the agreements originally entered into on May 2015. Key terms of the restructuring included the following: • Reinstating SR 1.2 billion of available limit to be drawn • […]
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