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Jabal Omar Development Co. announces its Interim Financial Results for the Period Ending on 2020-06-30 ( Six Months )

ELEMENT LISTCURRENT QUARTERSIMILAR QUARTER FOR PREVIOUS YEAR%CHANGEPREVIOUS QUARTER% CHANGE
Sales/Revenue1.39297.03-99.532179.39-99.225
Gross Profit (Loss)-119.0184.17--24.2391.776
Operational Profit (Loss)-211.75188.2--41.47410.61
Net Profit (Loss) after Zakat and Tax-465.1829.75--217.25114.121
Total Comprehensive Income-465.1829.75--217.25114.121
All figures are in (Millions) Saudi Arabia, Riyals

ELEMENT LISTCURRENT PERIODSIMILAR PERIOD FOR PREVIOUS YEAR%CHANGE
Sales/Revenue180.78474.64-61.912
Gross Profit (Loss)-143.2172.62-
Operational Profit (Loss)-253.22364.79-
Net Profit (Loss) after Zakat and Tax-682.4331.37-
Total Comprehensive Income-682.4331.37-
Total Share Holders Equity (after Deducting Minority Equity)8,538.439,643.83-11.462
Profit (Loss) per Share-0.730.03
All figures are in (Millions) Saudi Arabia, Riyals

ACCUMULATED LOSSESCAPITALPERCENTAGE %
864.089,2949.3
All figures are in (Millions) Saudi Arabia, Riyals

ELEMENT LISTEXPLANATION
Increase (Decrease) in Net Profit for Current Quarter Compared to the Same Quarter of the Previous Year is Attributed toThe reason for the net loss incurred for current quarter compared to the same quarter of the previous year is attributed to
1 - Significant decrease in revenue because operations of Hotels and Commercial mall were shut-down (March 2020 to June 2020) due to the precautionary measures taken to limit the spread of the Coronavirus pandemic.

2 - Decrease in other income due to decline in fair value of investments

3 - Increase in allowances for expected credit losses

4 - Increase in financial charges due to decrease in capitalization of borrowing costs, mainly attributable to suspension of development activity due to outbreak of COVID-19

It should be noted that the above negative results were partially offset by a decrease in general and administrative expenses, selling and marketing
Increase (Decrease) in Net Profit for Current Quarter Compared to the Previous Quarter is Attributed toThe reason for increase in net loss for current quarter compared to the previous quarter is attributed to
1 - Significant decrease in revenue because operations of Hotels and Commercial mall were shut-down (March 2020 to June 2020) due to the precautionary measures taken to limit the spread of the Coronavirus pandemic..

2 - Decrease in other income due to decline in fair value of investments

3 - Increase in allowances for expected credit losses

4 - Increase in financial charges due to decrease in capitalization of borrowing costs, mainly attributable to suspension of development activity due to outbreak of COVID-19

It should be noted that the above negative results were partially offset by a decrease in general and administrative expenses, selling and marketing
Increase (Decrease) in Net Profit for Current Period Compared to the Similar Period of the Previous Year is Attributed toThe reason for the net loss incurred for current period compared to the similar period of the previous year is attributed to
1 - Significant decrease in revenue because operations of Hotels and Commercial mall were shut-down (March 2020 to June 2020) due to the precautionary measures taken to limit the spread of the Coronavirus pandemic.

2 - Decrease in other income due to decline in fair value of investments

3 - Increase in allowances for expected credit losses

4 - Increase in financial charges due to decrease in capitalization of borrowing costs, mainly attributable to suspension of development activity due to outbreak of COVID-19

It should be noted that the above negative results were partially offset by a decrease in general and administrative expenses, selling and marketing
Basis of the External Auditor's OpinionEmphasis of Matter paragraph
Modification, Qualification or Emphasis of a Matter as Stated within the External Auditor OpinionWe draw attention to Note 1 of the condensed consolidated interim financial statements, which indicates that the Group incurred a net loss of SR 0.68 billion during the six months period ended 30 June, 2020 and, as of that date, the Group’s current liabilities exceeded its current assets by SR 2.17 billion. As stated in Note 1, these events or conditions, along with other matters as set forth therein, indicate that a material uncertainty exists that may cast significant doubt on 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 InformationReference to the announcement of Jabal Omar Development Company on the Tadawul website on July 25, 2019 regarding the preliminary financial results for the period ending on 30-06-2019 (six months), where the announcement included achieving a net profit of 30,048,576 Riyals for the three-month period ending on 30-06-2019 and this amount It includes 296,765 Riyalsthe profit of the non-controlling interests in the consolidated statement of profit and loss and comprehensive income for the three-month period ending on June 30, 2019, as well as achieving a net profit of 31,610,319 Riyals for the six months ending on 30-06-2019 and this amount includes 240.985 the profit of the non-controlling interests in the profit statement Consolidated loss and comprehensive income for the six months ended 30 June 2019
Loss of Non-controlling interests in the consolidated statement for profit or loss and other comprehensive income for the three month period ended 30 Jun 2020 an amount SAR 142,795 ( Compared to profit an amount 296,765 SR for the three monthperiod ended 30 Jun 2019)Loss of Non-controlling interests in the consolidated statement for profit or loss and other comprehensive income for the period ended 30 Jun 2020 an amount SAR 195,797 ( Compared to profit an amount 240,985 SR for the period ended 30 Jun 2019)

The accumulated losses for the period ended 30 Jun 2020 amounted to 864,082,163 riyals, equivalent to 9.30% of the company's 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.

Other Disclosures

Correction announcement from Jabal Omar Co. in regard to its Annual consolidated financial results for the period ending on 2023-12-31.

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

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

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 […]

Jabal Omar Development Company Announces the receipt of a license from the Ministry of Tourism to operate the third tower of Jabal Omar Jumeirah Hotels in its project in Makkah

Announcement Detail Jabal Omar Development Company announces that it has received on Tuesday 19 March 2024, the license of the Ministry of Tourism to operate the third tower of the Jabal Omar Jumeirah hotel with a five-star rating. The third tower includes 244 luxurious and modern style rooms and suites in addition to a restaurant, […]
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