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

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