Jabal Omar cuts 2021 accumulated losses to $314m
RIYADH, May 29, 2022
Jabal Omar Development Company, a leading Saudi property developer, has announced a sharp decline in its accumulated losses for the FY 2021 which has fallen to SR1.18 billion ($314.2 million) from SR2.13 billion ($607 million), thus reaching 13% of the comoany's total capital.
This was mainly due to the improvement in post-pandemic operations and the implementation of cost optimization initiatives, stated Jabal Omar in its filing to Saudi bourse Tadawul.
It also benefited from gains recognized on the sale of two plots of land as well as the restructuring of a loan with the Ministry of Finance, it stated.
Jabal Omar had recently announced a solid revenue for Q1 which surged 408% year-on-year (YoY) to SR109.6 million ($29.1 million) mainly driven by an increased activity in operational hotels and retail outlets related to Hajj & Umrah segment.
For the three-month period ended March 31, JODC said its revenue from hotel assets increased four times compared to the same prior year period, while the revenue from retail assets surged 11 times compared to the same prior year period.
During the three-month period, a greater number of visitors returned to Jabal Omar-owned hotels as Covid-19 related restrictions related to travel and the Hajj & Umrah segment were eased.
