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JODC announces preliminary financial results for the period ended 30/09/2017

ProvisionCurrent QuarterSame quarter of the previous year% Current ChangeThe previous quarter% Previous change
Net profit (loss)-60.7963.53-53.79-
Gross profit (loss)63.53139.38-54.42157.91-59.77
Profit Operating Loss13.52110.11-87.72114.93-88.24

ProvisionCurrent PeriodThe same period last year% Change
Net profit (loss)-7144.69-
Gross profit (loss)221.44295.37-25.03
Profit Operating Loss119.56237.03-49.56
Profit (loss) per share-0.010.16-

ProvisionClarification
The reason for the rise (decrease) during the current quarter compared to the same quarter of the previous yearThe net loss behind the current quarter compared to the same quarter last year is due to the lack of revenues of not selling the residential units and the high costs and financial burdens due to operating Jabal Omar Hilton Makkah.
The reason for the increase (decrease) during the current period compared with the same period of the previous yearThe reason behind the net loss during the current period compared to the same period of last year's revenues from selling the residential units, amount of 274 million riyals and the high costs and financial burdens due to the operating Jabal Omar Hilton Makkah.
The reason for the Increase (decrease) during the current quarter compared with the previous quarter.The reason behind the net loss in the current quarter compared to the previous quarter of this year is to not achieving sale of the residential units, amount of 274 million riyals and the high costs and financial burdens due to the operating Jabal Omar Hilton Makkah.
Note or reservation or brought to the attention of as contained in the report of the External AuditorBased on the information provided by the management and as described in note 11 in the attached initial financial statements, the company has signed a Sale and Purchase Agreement to sell certain properties to a fund and as an integral part of the entire arrangement. The company's management is currently negotiating other key items through supplementary agreements together with the agreement under the terms of the contract. The company's management believes that the fund's agreement terms will be agreed upon. The transaction results in a Sale and Management Agreement that results in operating leases. However, the arrangements that is currently available to us do not meet on the terms of a Sale and Lease agreement. These results in an operating lease and will be reclassified as property, equipment and investment property. Instead of assets held for sale in accordance with IFRS 5 Non-current Assets Held for Sale and Discontinued Operations IFRS 5 refers to that if these properties are classified as property, equipment and investment properties as at 30 September 2017, non-current assets will increase by SAR 4.16 billion and current assets will fall by SAR 4.26 billion. The profit per share is SAR 0.11 for the three months ended 30 September 2017 and for the period 13 April 2017 to 30 September 2017, respectively, based on our examination. With the exception of the order in the previous paragraph, the accompanying condensed interim financial statements was not prepared in all material respects in accordance with International Accounting Standard No. 34, approved in the Kingdom of Saudi Arabia
Additional Notes1 - Total revenues during the current quarter SAR 200,186,645 compared to SAR 270,582,442 for the same quarter of last year, a drop of 26%
2. Total revenues during the current period amounted to SAR 523,306,334 compared to SAR 583,308,652 for the same period last year, a drop of 10%
3. The total loss during the current quarter amounted to SAR 447,255 compared to a profit of SAR 239,290 for the same quarter of last year, compared to a loss of SAR 485,431 for the previous quarter, a drop of 8%
4. Total loss during the current period amounted to SAR 932,686 compared to SAR 190,296 for the corresponding period of last year, with an increase of 390%
5. Total shareholders' equity (after excluding minority interests) during the current period amounted to SAR 10,183,406,100 compared to SAR 10,259,393,222 for the corresponding period of last year, a decrease of 0.74%
6. Referring to the company's announcement published on The Saudi Stock Exchange (Tadawul) dated 27/6/1438 H, corresponding to 26/3/2017 on the approval of the Eighth Ordinary General Assembly to amend the articles of the company's association to transfer of the company's financial year (12/30) to the calendar year ending on 31/12 by implementing an integrated plan to implement this transition to the International Financial Reporting Standards (IFRS). As the company will issue the third fiscal quarter of 2017 starting from 1/7/2017. The company has made a comparison between the income statement for the fourth quarter of 2010 and the result of the current financial statements 1/7/2017 until 30/9/2017, with the income statement for the same quarter of the previous year which starts from 30/12/2016 to 28/03/2017. During this period, the company has successfully achieved some accomplishments that will contribute to the profits and growth in the coming period for the company. Signing an agreement (buy sale) with Al Inma Fund to sell 3 hotels and 2 commercial properties worth 6 billion Riyals and we expect to complete the sale by November 2017 and the financial impact will be positive on the company's revenues and shareholders' equity during the fourth quarter of the year.

Other Disclosures

Jabal Omar Development Co. announces its interim Financial results for the period ending on 2018-09-30 ( Nine Months )

ELEMENT LISTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR%CHANGEPREVIOUS QUARTER% CHANGE Sales/Revenue1,322.6645.522,805.667250.25428.535 Total Profit (Loss)673.04-210.33-49.491,259.951 Profit (Loss) Operational643.24-284.34-4.54 14,068.281 Net Profit (Loss) after Zakat and Tax469.62-593.97--148.02- Total Comprehensive Income469.62-593.97--148.02- All figures are in (Millions) Saudi Arabia, Riyals ELEMENT LISTCURRENT PERIODSIMILAR PERIOD FOR PREVIOUS YEAR%CHANGE Sales/Revenue1,715.04568.83201.503 Total Profit (Loss)751.8311.11 6,667.146 Profit (Loss) Operational667.73-164.78- Net Profit (Loss) after Zakat […]

Jabal Omar Development Co. announces the interim financial results for the period ending on 31-03-2018 (Three Months)

ELEMENTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR% CHANGE CURRENTPREVIOUS QUARTER% CHANGE PREVIOUS Net profit (loss)-128.263.35--593.9778.42 Gross profit (loss)29.3139.38-78.98-210.33- Operational profit (loss)19.95-110.11-81.88-284.34- Earning or loss per share, Riyals-0.140.07--- All figures are in (Millions) Saudi Arabia, Riyals ELEMENTEXPLAINATION Reasons of increase (decrease) for quarter compared with same quarter last yearNO TRANSLATION, SEE THE ARABIC VERSION Reasons of increase […]

Jabal Omar Development Co. announces the annual financial results for the period ending on 31-12-2017

ELEMENTCURRENT YEARPREVIOUS YEAR% CHANGE Net profit (loss)600.97-76.66- Earning or loss per share, Riyals-0.650.08- Gross profit (loss)11.11 256.39-95.67 Operational profit (loss) -164.78193.25- All figures are in (Millions) Saudi Arabia, Riyals ELEMENTEXPLAINATION Reasons of annual financial resultsNO TRANSLATION, SEE THE ARABIC VERSION Reclassifications in annual financial resultsNO TRANSLATION, SEE THE ARABIC VERSION Other notesNO TRANSLATION, SEE THE […]

Jabal Omar Development Company announces an MOU extension with Umm al-Qura Development and Construction Company

Reference to Jabal Omar Development Company (JODC) declaration published on Saudi Stock Exchange (Tadawul) on 08/01/1439H – 28/09/2017, the company renews the non-binding memorandum of understanding
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