BOOK NOW

Media

INVESTOR RELATIONS

Jabal Omar Development Co. announces its Interim Financial Results for the Period Ending on 2022-06-30 ( Six Months )

21-08-2022 07:53:52

ELEMENT LISTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR%CHANGEPREVIOUS QUARTER%CHANGE
Sales/Revenue281.6577.29264.41109.65156.86
Gross Profit (Loss)97.25-46.75--25.74-
Operational Profit (Loss)41.11 -227.41--72.23-
Net Profit (Loss) after Zakat and Tax-128.62270.57--182.46-29.51
Total Comprehensive Income-128.62270.57--182.46-29.51
All figures are in (Millions) Saudi Arabia, Riyals

ELEMENT LISTCURRENT PERIODSIMILAR PERIOD FOR PREVIOUS YEAR%CHANGE
Sales/Revenue 391.2998.86295.8
Gross Profit (Loss)71.51-135.2-
Operational Profit (Loss)-31.11-364.98-91.48
Net Profit (Loss) after Zakat and Tax-311.09-74.73316.29
Total Comprehensive Income -311.09-74.73316.29
Total Share Holders Equity (after Deducting Minority Equity)8,315.646,913.6120.28
Profit (Loss) per Share-0.33-0.08
All figures are in (Millions) Saudi Arabia, Riyals

ACCUMULATED LOSSESCAPITALPERCENTAGE %
1,4919,29416
All figures are in (Millions) Saudi Arabia, Riyals

ELEMENT LISTEXPLANATION
The reason of the increase (decrease) in the net profit during the current quarter compared to the same quarter of the last year is The reason for net loss in current quarter compared to net profit in the same quarter of the last year is mainly attributed to the fact that no land sale was recorded in current quarter
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous quarter of the current year is The reason for decrease in net loss in current quarter compared to the previous quarter is mainly attributed to month of Ramadan as business operations gained momentum in hotels and malls, which resulted in revenue increased by 157% compared previous quarter.
The reason of the increase (decrease) in the net profit during the current period compared to the same period of the last year is The reason of the increase in net loss during the current period compared to the same period last year is mainly attributed to the fact that no land sale was recorded in current period.
Statement of the type of external auditor's reportQualified conclusion
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor Opinion "As of 30 June 2022, the net carrying value of property, plant and equipment and investment properties (collectively “the Assets”) reported in the Group’s interim condensed consolidated statement of financial position amounted to SR 19,785 million and SR 5,023 million, respectively. In view of substantial reduction in cash generated from the Group’s hotels and other commercial operations, as well as the interruption in the development of the Group’s real estate projects primarily due to the continued outbreak of COVID-19 pandemic, the Group’s management performed an impairment assessment on its Assets as of 30 June 2022 by comparing the Assets’ carrying values with the recoverable amount, being the higher of fair value less costs to sell and value-in-use (VIU). Accordingly, the Group’s management performed an impairment assessment (including using an external valuer) to determine the fair values of the assets and carried out an internal assessment to determine the VIU. As a result of the Group management’s assessment, it concluded that no impairment provision is required on its Assets as of 30 June 2022. We reviewed and challenged the significant judgments, assumptions and estimates used by the Group’s management including its determination of the appropriate valuation methodologies, and noted that in our view recoverable values of certain Assets that comprised property, plant and equipment and investment properties with net carrying values of SR 7,691 million and SR 357 million, respectively as at 30 June 2022, were determined mainly using cost approach, which was not assessed by us as appropriate considering the nature and; current and expected use of the Assets.
We also noted that certain significant assumptions used in the calculation of certain Asset’s VIUs and fair values using income approach were not supported by reasonable basis. Had the Group management used valuation methodology that is appropriate considering the nature and current and expected use of the Assets, as well as assumptions that are reasonably supported, certain elements in the accompanying interim condensed consolidated financial statements together with the related disclosures would have been materially affected. The effects on the interim condensed consolidated financial statements have not been determined.

Based on our review, with the exception of the matter described in the preceding paragraph, nothing has come to our attention that causes us to believe that the accompanying interim condensed consolidated financial statements are not prepared, in all material respects, in accordance with IAS 34 as endorsed in the Kingdom of Saudi Arabia.

We draw attention to note 1 to the interim condensed consolidated financial statements, which indicates that the Group incurred a loss of SR 311 million and negative operating cash flows amounting to SR 92 million during the six-month period ended 30 June 2022. In addition, the Group’s current liabilities exceeded its current assets by SR 1,679 million and the Group had accumulated losses amounting to SR 1,491 million as at 30 June 2022. As stated in note 1, these events or conditions, along with other matters as set forth in note 1, indicate that a material uncertainty exists that may cast significant doubt on the Group’s ability to continue as a going concern. Our conclusion is not modified in respect of this matter."
Reclassification of Comparison Items Not applicable
Additional Information The accumulated losses as at 30 June 2022 amounted to SR 1,491 million (equivalent to 16% of the Company's capital) compared to accumulated losses of SR 1,179 million as at 31 December 2021 (equivalent to 13% of the Company's capital) and accumulated losses of SR 1,362 million as at 31 March 2022 (equivalent to 15% of the Company's capital).

Share

Other Disclosures

Jabal Omar Development Company invites its shareholders to attend the 13th Ordinary General Assembly Meeting (The First Meeting) by means of modern technology
01-06-2023 14:14:48
Introduction The Board of Directors of Jabal Omar Development Company are pleased to invite the shareholders to attend the Ordinary General Assembly meeting of the company, which will be conducted virtually via Tadawulaty Platform. City and Location of the General Assembly’s Meeting Makkah – the company’s headquarters- by Means of Modern Technology URL for the […]

Jabal Omar Development Co. announces its Interim Financial Results for the Period Ending on 2023-03-31 ( Three Months )
23-05-2023 13:44:56
ELEMENT LISTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR%CHANGEPREVIOUS QUARTER%CHANGE Sales/Revenue317.09109.65189.18239.5832.35 Gross Profit (Loss)122.25-25.74--27.73- Operational Profit (Loss)102.13-72.23--66.94- Net Profit (Loss) after Zakat and Tax11.93-182.46--194.45- Total Comprehensive Income11.93-182.46--197.61- All figures are in (Millions) Saudi Arabia, Riyals ELEMENT LISTCURRENT PERIODSIMILAR PERIOD FOR PREVIOUS YEAR%CHANGE Total Share Holders Equity (after Deducting Minority Equity)12,697.08 7,744.2663.95 Profit (Loss) per Share0.01-0.2- All figures […]

Jabal Omar Development Company announces the receipt of Ministry of Tourism License to operate the first tower of Jabal Omar Address Hotels in its project in Makkah Al-Mukarramah
20-05-2023 18:51:09
Announcement Detail Jabal Omar Development Company announces that it has received today, Thursday May 18 2023, the license of the Ministry of Tourism to operate the first tower of the Jabal Omar Address hotels with a five-star rating. The first tower includes 742 rooms and suites (out of which 51 rooms have been sold off-plan), […]

Jabal Omar Development Co. announces its Annual Financial Results for the Period Ending on 2022-12-31
02-04-2023 07:16:23
Element ListCurrent YearPrevious Year%Change Sales/Revenue849.5310.36173.71 Gross Profit (Loss)51.76-224.64- Operational Profit (Loss)-190.91-458.34-58.35 Net Profit (Loss) after Zakat and Tax-352.43946.21- Total Comprehensive Income-355.59948.7- Total Share Holders Equity (after Deducting Minority Equity)13,385.15 8,626.7255.16 Profit (Loss) per Share-0.351.02- All figures are in (Millions) Saudi Arabia, Riyals ELEMENT LISTEXPLANATION The reason of the increase (decrease) in the net profit during […]
Open form