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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 invites its shareholders to attend the 13th Ordinary General Assembly Meeting (The First Meeting) by means of modern technology

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 )

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

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Jabal Omar Development Co. announces its Annual Financial Results for the Period Ending on 2022-12-31

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 […]
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