“Jabal Omar” records 12 million riyals in profits in the first quarter of 2023 As a result of improved hotel occupancy and room rates

Jabal Omar Development Company recorded a net profit of about 12 million riyals in the first quarter of this year, compared to a net loss of 183 million riyals in the same period last year.

Jabal Omar’s revenues jumped by 189% in the first quarter of this year, recording 317 million riyals, compared to 109.65 million riyals in the same quarter last year.

“Jabal Omar” said in a statement to “Saudi Tadawul” today, Monday, that the reason for the increase in net profit is the growth in revenues resulting from the strong improvement in hotel occupancy rates and room rates, and the reversal of the expected credit loss provision in the amount of 28 million riyals as a result of the improvement in the collection of receivables.

Jabal Omar indicated a decrease in financial burden expenses by 18% due to the additional capitalization of financing costs in the current quarter, which were charged as an expense in the same quarter of last year, due to the partial cessation of development activities.