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JODC heads towards Profitability in the First Quarter due to the Rise in the Revenues

JODC achieved a net profit of 79.3 million Saudi Riyals in the first quarter compared to a loss of 75.51 million Saudi Riyals in the same quarter of the previous year. This came following the announcement of the preliminary financial results for the period ended on 30/3/1438 AH (three months).

The gross profit amounted to 153.7 million Saudi Riyals in the fourth quarter, compared to 8.5 million Saudi Riyals in the same quarter of the previous year; i.e. an increase of 1,718,34%. As for the operating profit, it amounted to 121.3 million Saudi Riyals, compared with a loss of 21.42 million Saudi Riyals in the same quarter of the previous year.

The earnings per share in the current period reached 0.90 Saudi Riyals, compared to a loss of 0.80 Saudi Riyals for the same period of the previous year. The reason behind the achievement of profit in the current quarter compared to the same quarter of the previous year is the rise in the residential units’ sale revenues and the hotel revenues; and the reason behind the decline in the current quarter compared to the previous quarter of the current year is the decline in the residential units’ sale revenues and the hotel revenues. The company explained that for a better presentation, some of the amounts of the previous period have been reclassified to conform to the presentation used in the current financial period, as stated in the Classification No. 12 in the preliminary financial statements.

The total revenues in the current quarter amounted to 311,472,025 Saudi Riyals compared to 104,508,040 Saudi Riyals for the same quarter of the previous year; i.e. an increase of 198%. The total shareholders’ equity (excluding the minority interests) in the current period amounted to 10,187,458,220 Saudi Riyals compared to 9,422,233,623 Saudi Riyals for the same period of the previous year; i.e. an increase of 8.12%.

Other Press Releases

“Jabal Omar” and “Al Arabiya” sign a strategic partnership to invest and market the media leasing in the Jabal Omar project

Jabal Omar Development Co. signed today (Sunday) a strategic partnership agreement with Al-Arabia OOH (Al-Arabiya); To invest and market the media leasing in the Jabal Omar project, which is one of the most important development projects in the central area of Makkah Al-Mukarramah. The announcement of the agreement took place during the signing ceremony at […]

Jabal Omar Revenues grew by 189% to reach SAR 317 million compared to the first quarter of 2022

Hospitality revenues grew by 179% for the first quarter of 2023 to reach SAR 268 million, a record improvement compared to SAR 96 million for the same period in 2022, driven by the success of the company strategy to improve the performance of the hospitality portfolio, besides benefiting from government initiatives related to the Hajj […]

JODC Shareholders Approve Landmark Alinma Fund Debt to Equity Transaction, Set to Issue 225 Million New Shares in Return for Settling SAR 5.3 billion in Outstanding Debt Owed to the Fund

Makkah, KSA; 28 August 2022: Jabal Omar Development Company (“JODC” or the “Company”) (Tadawul: 4250), one of the largest real estate developers in Saudi Arabia and the master developer of the iconic mega mixed-used project in Makkah, Jabal Omar, received shareholder approval for issuing new ordinary shares in the JODC to the unitholders of the […]

JODC’s H1 2022 Revenue Surges to Near Pre-Pandemic Levels on Recovery in Umrah Activity

Government’s exceptional management of the pandemic and easing of the restrictions on pilgrimage activities led to a significant increase in the number of pilgrims Revenue in H1 was SAR 391 million, more than tripling year on year Sustained improvement in gross profit driven by Company’s transformation strategy Company expects to bring in new sources of […]
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