Jabal Omar turns to SAR 393.8 mln losses in FY19

31/03/2020 Argaam Exclusive

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Jabal Omar Development Co. reported a net loss after Zakat and tax of SAR 393.8 million in the fiscal year 2019 from a net profit of SAR 193.8 million a year earlier, driven by lower sales revenue.

Financials (M)

Item	2018	2019	Change‬
Revenues	1,962.64	885.22	(54.9 %)
Gross Income	797.84	150.84	(81.1 %)
Operating Income	535.36	(117.82)	(122.0 %)
Net Income	193.78	(635.10)	(427.7 %)
Average Shares	929.40	929.40	-
EPS (Riyals)	0.21	(0.68)	(427.7 %)

The real estate developer said in a bourse statement that it considers novel coronavirus (COVID-19) outbreak to be a non-adjusting post balance sheet event.

The company is still in the process of assessing the financial impact of COVID 19 on the revenue from its hotel operations.

In Q4 2019, the company reported a net loss of SAR 344.6 million, compared to a net profit of SAR 1.4 million in the same period of 2018.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2018	Q4 2019	Change‬
Revenues	247.61	158.16	(36.1 %)
Gross Income	46.01	(43.88)	(195.4 %)
Operating Income	(12.71)	(158.10)	(1,144.4 %)
Net Income	1.48	(429.11)	(29172.6 %)
Average Shares	929.40	929.40	-
EPS (Riyals)	0.00	(0.46)	(29172.6 %)

Item	Q3 2019	Q4 2019	Change‬
Revenues	244.33	158.16	(35.3 %)
Gross Income	94.29	(43.88)	(146.5 %)
Operating Income	44.55	(158.10)	(454.9 %)
Net Income	(132.87)	(429.11)	(223.0 %)
Average Shares	929.40	929.40	-
EPS (Riyals)	(0.14)	(0.46)	(223.0 %)

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