BOOK NOW

Media

INVESTOR RELATIONS

Jabal Omar Development Co. announces its Interim Financial Results for the Period Ending on 2021-06-30 ( Six Months )

15-08-2021 14:25:23

ELEMENT LISTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR%CHANGEPREVIOUS QUARTER% CHANGE
Sales/Revenue77.291.395,460.43121.57258.321
Gross Profit (Loss)-46.75-138.07-66.14-88.45-47.145
Operational Profit (Loss)-227.41-222.142.372-137.5765.304
Net Profit (Loss) after Zakat and Tax270.57-453.51--345.3-
Total Comprehensive Income270.57-453.51--345.3-
All figures are in (Millions) Saudi Arabia, Riyals

ELEMENT LISTCURRENT PERIODSIMILAR PERIOD FOR PREVIOUS YEAR%CHANGE
Sales/Revenue98.86159.99-38.208
Gross Profit (Loss)-135.2-139.75-3.255
Operational Profit (Loss)-364.98-306.2819.165
Net Profit (Loss) after Zakat and Tax -74.73-691.37-89.191
Total Comprehensive Income-74.73-691.37-89.191
Total Share Holders Equity (after Deducting Minority Equity)6,913.617,621.35-9.286
Profit (Loss) per Share-0.08-0.74
All figures are in (Millions) Saudi Arabia, Riyals

ACCUMULATED LOSSESCAPITALPERCENTAGE %
2,2039,29423.7
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 isThe reason of the increase in the net profit during the current quarter compared to the same quarter (restated) of the last year is:
1- The increase in revenue in the current quarter compared to the same quarter of the previous year due to the relative improvement in operation rates of hotels and commercial centers due to the easing of precautionary measures.

2 – Increase in other income compare to similar quarter last year due to gain recognized on sale of plot of land in Jabal Omar project which was announced on Tadawul on 13 December 2020.
The reason of the increase (decrease) in the net profit during the current quarter compared to the previous period of the current year isThe reason of the increase in the net profit during the current quarter
compared to the previous period of the current year is:

1- Increase in revenue in the current quarter compared to the previous quarter due to the relative improvement in operation rates of hotels and commercial centers because of the Umrah season as well as the easing of precautionary measures.

2 – Increase in other income compare to previous quarter due to gain recognized on sale of plot of land in Jabal Omar project which was announced on Tadawul on 13 December 2020.
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 decrease in the net loss during the current period compared to similar period last year is mainly due to the increase in other income compare to similar period last year due to gain recognized on sale of plot of land in Jabal Omar project which was announced on Tadawul on 13 December 2020.
Statement of the type of external auditor's reportEmphasis of matter
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor OpinionWe draw attention to Note 1 to the condensed consolidated interim financial statements, which indicates that the Group incurred a loss of Saudi Riyals 74.9 million and negative operating cash flows amounting to Saudi Riyals 523.7 million during the six-month period ended 30 June 2021. In addition, the Group’s current liabilities exceeded its current assets by Saudi Riyals 5,413.4 million and the Group had accumulated losses amounting to Saudi Riyals 2,202.9 million as at 30 June 2021. The Group is dependent on the successful execution of management’s plans to generate sufficient cash flows to enable it both to meet its obligations as they fall due and for the continuity of its operations without significant curtailment. These conditions, along with other matters set forth in Note 1, indicate the existence of a material uncertainty that may cast significant doubt about the Group's ability to continue as a going concern. Our conclusion is not modified in respect of this matter.
Reclassification of Comparison ItemsNot applicable
Additional InformationWith reference to note 24 to the condensed consolidated interim financial statements for the period ended 30 June 2021, the Group has reconsiderd prior period accounting treatments. Accordingly, the Group has restated its financial statements retrospectively for the period ended 30 June 2020.
Following is the impact of restatements on Q2 2020 condensed consolidated interim financial statements:

- Increase in net loss and loss per share reported for the period ended 30 June 2020 by SR 9 million and SR 0.01 respectively

Net impact of restatements resulted in decrease of equity reported as of 30 June 2020 by SR 917 million

The accumulated losses as at 30 June 2021 amounted to SR 2,202.9 million, equivalent to 23.7% of the Company's capital.

The company will implement the procedures and instructions issued by the Capital Market Authority regarding companies whose shares are listed in the Saudi Stock Exchange, whose accumulated losses amounted to more than 20% of their capital.

The Capital Market Authority and the Saudi Stock Exchange take no responsibility for the contents of this disclosure, make no representations as to its accuracy or completeness, and expressly disclaim any liability whatsoever for any loss arising from, or incurred in reliance upon, any part of this disclosure, and the issuer accepts full responsibility for the accuracy of the information contained in it and confirms, having made all reasonable enquiries, that to the best of their knowledge and belief, there are no other facts or information the omission of which would make the disclosure misleading, incomplete or inaccurate.

Share

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
06-04-2024 18:57:48
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.
27-03-2024 08:58:20
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
27-03-2024 08:41:53
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
21-03-2024 02:40:08
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