Jabal Omar has the highest profit in its history with a growth to 691 million Riyals in the fourth quarter of 1437, with an increase of 644% compared to the same quarter of the previous year.

Jabal Omar Development Company announced today the annual financial results for the fourth quarter of 1437AH. It is registered as the highest profit growth in its history in record time. The profit has reached 691.07 million riyals in the fourth quarter of 1437AH, in the contract of the loss of 126.95 million riyals for the same quarter of the previous year after adjustment by increasing in profit rate of 644%.

And in return, it gained 9.49 million riyals in the previous quarter with an increase of profit by 7182%., and the gross profit has reached 697.83 million riyals during the fourth quarter compared to a profit of 26.20 million riyals for the same quarter of the previous year after adjustment by increasing in profit of 2563.57%.
The total operating profit during the fourth quarter has reached the amount of 721.65 million riyals, against a loss of 94.87 million riyals for the same quarter of the previous year after adjustment by increasing in the profit of 861%.

The net profit for the current period (twelve months) amounted to 581.06 million riyals, compared to the profit of 91.92 million riyals for the same period of the previous year after adjustment by increasing in the profit of 532%.

While the earnings of per share during the current period (twelve months) has reached 0.63 riyals, compared to the profit of 0.10 riyals for the same period the previous year after adjustment by increasing in profit. The gross profit during the current period (twelve months) has reached the amount of 729.54 million riyals, compared to 434.45 million riyals for the same period last year, after the adjustment by increasing of profit of 67.92%. The operating profit during the current period (twelve months) has reached the amount of 744.35 million riyals, compared to the profit of 210.62 million riyals for the same period last year, after the adjustment by increasing of profit of 253%.

The CEO of Jabal Omar Development Company, Mr. Yasir bin Faisal al-Sharif, has expressed his happiness to achieve these profits and growth in record time, and he confirmed that the company is continuing to consolidate its position and strengthen its capacity to continue in the implementation and marketing of its hotels, commercial and residential projects, which is considered influential in the performance of the company in the future and in accordance with the vision of 2030 of the kingdom, which the private sector will be a key driver of.

He pointed out the four hotels that are currently owned by Jabal Omar Development Company which are:(Conrad Jabal Omar, Hyatt Regency Jabal Omar, Hilton Suites Jabal Omar and Marriott Jabal Omar), and according to the executive program of Jabal Omar project, to them will join another chain of hotels operated by major names and hotel companies in the world, in addition to a range of premium business centers and hotel luxury apartments that meet the needs of different groups, which contribute to strengthen the company’s varied revenues, as well as meeting the increase on hotel, residential and commercial demand under the kingdom’s vision to double the number of pilgrims.

Due to the profit in the current quarter compared to the same quarter of the previous year after adjustment to the income of the sale of the remaining portion of the housing units’ revenues area S1 and the entire residential sale revenue area S2 and reducing the expenses of depreciation of fixed assets due to re-estimate the operational life of some assets.

Some of the amounts of the previous period have been reclassified to go along with the presentation in the current financial period as described in Note 15 in the interim financial statements.