Jabal Omar Development Company announces the Decrease of its Accumulated Losses to 13 % of the Capital
Date of accumulated losses decrease
2021-12-31 Corresponding to 1443-05-27
Amount of the Accumulated Losses
SR 1,179 million
Measures Taken by the Company to Decrease Accumulated Losses
The decrease in accumulated losses as at 31 December 2021 is mainly attributed to the following:
– Increase in revenue during 2021 compared to 2020 due to ease of COVID-19 restriction and implementation of cost optimization initiatives during 2021.
-Gain recognized on sale of 2 plots of land in Jabal Omar project which was announced on Tadawul on 13 December 2020 and 30 September 2021 respectively.
– Modification gain recognized on restructuring of Ministry of Finance direct loan which was announced on 21 November 2021
Auditor’s Report showing the Financial Position of the Company after the Decrease of the Accumulated Losses