Media

INVESTOR RELATIONS

Correction announcement from Jabal Omar Development Co. in regard to the consolidated financial results for the year ending on 12-31-2021

Date of Publishing the Previous Announcement Sought to be Corrected on Tadawul’s Website
2022-04-03 Corresponding to 1443-09-02

URL of the Previous Announcement
Click Here

Incorrect statements in the previous announcement
1) We draw attention to note 1 of the consolidated financial statements, which describes that AlInma Makkah Real Estate Fund’s (“Fund”) balances and transactions as at and for the years ended 31 December 2021 and 2020 have been consolidated based on management’s assessment of a binding and non-revokable agreement, executed between the Company and the Fund manager pursuant to the approval of the transaction by the Fund’s unit holders on 9 January 2022 which are further subject to formal approvals. Our opinion is not modified in respect of this matter.
2) We draw attention to note 15 (a) of the consolidated financial statements, which describes that during the year ended 31 December 2021, the Group announced the restructuring of loan facility from the Ministry of Finance (“MoF”) which involves significant modifications of loan terms and conversion of certain portion of the existing loan into a subordinated perpetual instrument. Pursuant to receipt of binding term sheets from MoF, confirmation from the facility agent and approval of Board of Directors (BoD) of acceptance of term sheets, the Group derecognized the existing facility and recognized new facilities resulting in recognition of a gain amounting to SR 1.4 billion. The Group management is in the process of finalizing the signing the facilities agreement as at reporting date. Our opinion is not modified in respect of this matter.

Correct Statement
The external auditor has removed the above-mentioned emphasis of matter from the Independent Auditors’ Report.

Additional Information
The external auditor has removed the above-mentioned emphasis of matter from the Independent Auditors’ Report. Accordingly, the company has announced this correction announcement

Other Disclosures

Jabal Omar Development Company Announces the Submission of the Application for the Increase of the Company’s Share Capital by Way of Debt Conversion to the Capital Market Authority

Introduction Further to the announcement of Jabal Omar Development Company (the “Company”) published on the website of the Saudi Stock Exchange (Tadawul) on 07/06/1445H corresponding to 20/12/2023G in relation to the recommendation of the Company’s board to increase its share capital by way of converting the outstanding debts owed to each of Central District Cooling […]

Correction announcement from Jabal Omar Co. in regard to its Annual consolidated financial results for the period ending on 2023-12-31.

ELEMENT LISTExplanation Date of Publishing the Previous Announcement Sought to be Corrected on Saudi Exchange’s Website - Hyperlink to the Previous Announcement Click Here Incorrect statements in the previous announcement Net profit (Loss) for the year ended 31 December 2023, reported as SAR 35.82 Correct Statement Net profit (Loss) for the year ended 31 December […]

Jabal Omar Development Co. announces its Annual consolidated financial results for the period ending on 2023-12-31

Element ListCurrent YearPrevious Year%Change Sales/Revenue1,326.72849.556.18 Gross Profit (Loss)401.0529.471,261.01 Operational Profit (Loss)623.44-175.66- Net Profit (Loss)35.82-352.43- Total Comprehensive Income35.82-352.43- Total Share Holders Equity (after Deducting Minority Equity)12,721.2612,685.150.28 Profit (Loss) per Share0.03-0.35- All figures are in (Millions) Saudi Arabia, Riyals ELEMENT LISTAmountPercentage Of The Capital (%) Profit (Losses) Resulting From The Change In Investment Propertie’s Fair Value -- […]

Jabal Omar Development Company announces the opening of nominations for membership in the company’s Board of Directors for its sixth session

Introduction Jabal Omar Development Company announces the opening of nominations for membership in the company’s Board of Directors for the next session, which begins on June 30, 2024, and for a period of four years ending on June 29, 2028. For individuals interested in nomination for the Board of Directors provided they meet the membership […]
Open form