Jabal Omar widens losses to SAR 1.339 bln in 2020

31/03/2021 Argaam Exclusive

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Jabal Omar Development Co. widened its net loss after Zakat and tax to SAR 1.339 billion for 2020, from SAR 635.1 million in 2019.

Financials (M)

Item	2019	2020	Change‬
Revenues	885.22	176.68	(80.0 %)
Gross Income	150.84	(424.69)	(381.5 %)
Operating Income	(117.82)	(757.62)	(543.0 %)
Net Income	(635.10)	(1339.01)	(110.8 %)
Average Shares	929.40	929.40	-
EPS (Riyals)	(0.68)	(1.44)	(110.8 %)

The company attributed the increase in loss to a steep decline in revenue due to the pandemic lockdown.

The developer also cited lower other operating income and higher credit loss allowances over the pandemic outbreak, in addition to higher Zakat provision.

In Q4 2020, the company narrowed its net loss after Zakat and tax marginally to SAR 421.2 million from SAR 429.1 million in the same period a year earlier.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2019	Q4 2020	Change‬
Revenues	158.16	31.72	(79.9 %)
Gross Income	(43.88)	(176.57)	(302.4 %)
Operating Income	(158.10)	(316.41)	(100.1 %)
Net Income	(429.11)	(421.23)	1.8 %
Average Shares	929.40	929.40	-
EPS (Riyals)	(0.46)	(0.45)	1.8 %

Item	Q3 2020	Q4 2020	Change‬
Revenues	1.93	31.72	1541.8 %
Gross Income	(67.16)	(176.57)	(162.9 %)
Operating Income	(143.06)	(316.41)	(121.2 %)
Net Income	(236.95)	(421.23)	(77.8 %)
Average Shares	929.40	929.40	-
EPS (Riyals)	(0.25)	(0.45)	(77.8 %)

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