Media

Corporate News Room

Browse:

JODC announces its transformation to use international plan for accounting standards for financial reporting and the stages of working on it

An internal working team has been formed in the company which is responsible for the implementation and following up with the phases of the transition to international accounting standards plan.

With reference to the circulation of the Capital Market Authority dated 21/08/2016 AD regarding the disclosure to cope up with the transition to the international accounting standards, Jabal Omar Company announces to the shareholders the stages to keep up with the plan to switch to International Accounting Standards (Phase 1), and it is as follows:

  • The company has prepared a plan for the transition to international accounting standards and the accounting policies will be updated and adopted in the company and approved before the end of 1438 on the grounds that the company follows the Hijri calendar.
  • The company is in the process of designation of the certified external consultant to assist in the implementation of the transition plan in collaboration with the internal staff of the company prior to the date of 30/03/1438 AH.
  • An internal working team has been formed in the company which is responsible for the implementation and following up with the phases of the transition to international accounting standards plan.
  • The company will not face any significant difficulties in applying the process of transformation to the international accounting standards.
  • The targeted date to prepare for the international accounting standards is 03/30/1439 AH which is the first quarter of 1439 AH with the comparative quarter of 1438 as an application of the international standards of the financial report. And for the first time, the company will prepare the financial statements for the fiscal year ending in 1438 according to the international accounting standards, as well as in accordance with the standards of the Saudi Organization for Certified Public Accountants.

As it will be disclosed for any developments in the implementation phases of the plan at the time.

Other Press Releases

JODC received the Ministry of Finance’s approval to restructure SAR 3 billion existing loan facility

Makkah, Saudi Arabia; 21 November 2021: Jabal Omar Development Company (“JODC” or the “Company”), one of the largest real estate development companies in the Kingdom of Saudi Arabia, announced today the receipt of the Ministry of Finance’s approval to restructure an existing SAR 3 billion Murabaha loan facility. This agreement will have several immediate and […]

Jabal Omar Development Company Secures Over Half a Billion Saudi Riyals from Land Plot Sale in Jabal Omar Project

Makkah, KSA; 30 September 2021: Jabal Omar Development Company (JODC) (Tadawul: 4250), one the largest real estate developers in Saudi Arabia, today announced it has sold a parcel of land within its project via a public auction for SAR 517 million. The proceeds from the strategic land sale will enable the Company to progress with […]

Jabal Omar announces plans to enable sub-developers as part of its strategic transformation plan

• Mr. Khaled Al Amoudi, CEO: The Jabal Omar model aims to inject a new way of thinking in the real estate sector and enables sub-developers to seize opportunities in Mecca. • Supports growing business and accelerates the completion of development works in Mecca. • In line with Saudi Vision 2030 to develop the hospitality […]

Jabal Omar and Dar Al-Hekma University sign a MoU to develop the engineering creativity of female students

In order to achieve our ambition to become Jabal Omar Company a pioneer in creativity by opening development fields for national talents, the MoU that the company signed with Dar Al-Hekma University included cooperation in the field training for female students and the establishment of a studio for creative design, which reflects the company’s role […]
Open form