Jabal Omar Development Company recorded net losses amounting to 79.8 million riyals, after zakat and tax, in the second quarter of 2023, compared to a net loss of 128.6 million riyals in the corresponding period of 2022, a decline of 37.9%.

Jabal Omar’s revenues jumped by 61% in the second quarter of this year, recording 454 million riyals, compared to 281 million riyals in the same quarter last year.

The company’s losses in the first half of 2023 amounted to about 67.9 million rials, compared to 311 million rials in losses in the first half of 2022, a decline of 78%.

“Jabal Omar” said in a statement to “Saudi Tadawul” today, Monday, that the reason for the decrease in net loss by 49 million during the current quarter compared to the same quarter of last year is mainly due to the increase in the company’s revenues by 61% compared to the same quarter of last year as a result of Strong improvement in hotel occupancy rates and average room rates.

Financial burden expenses decreased by 45% due to the additional capitalization of financing costs in the current quarter, which were charged as an expense in the same quarter of the previous year due to the partial cessation of development activities.

“Jabal Omar” said that it recorded an additional zakat allocation in the amount of 190 million riyals, which led to incurring a net loss in the current quarter instead of achieving a net profit of 110 million riyals in the current quarter in the event that the aforementioned zakat allocation was not recorded.