Jabal Omar widens losses to SAR 917.8 mln in 9M 2020

10/12/2020 Argaam Exclusive

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Jabal Omar Development Co. reported net losses of SAR 917.8 million for the first nine months of 2020, versus net losses of SAR 206 million in year-earlier period, driven by a steep decline in revenue over the pandemic lockdown.

The company also cited lower other income, higher credit loss allowances, and higher financial charges over the pandemic outbreak.

Financials (M)

Item	9m 2019	9m 2020	Change‬
Revenues	727.06	144.96	(80.1 %)
Gross Income	194.72	(248.11)	(227.4 %)
Operating Income	40.27	(441.21)	(1195.5 %)
Net Income	(205.99)	(917.78)	(345.5 %)
Average Shares	929.40	929.40	-
EPS (Riyals)	(0.22)	(0.99)	(345.5 %)

The real estate developer widened net losses by 78.3% YoY to SAR 236.9 million in Q3 2020, due to lower revenue, higher loss provisions, and an increase in other expenses.

On a sequential basis, Jabal Omar shrank losses by 49.06%.

Current Quarter Comparison (M)

Compared With The

Item	Q3 2019	Q3 2020	Change‬
Revenues	244.33	1.93	(99.2 %)
Gross Income	94.29	(67.16)	(171.2 %)
Operating Income	44.55	(143.06)	(421.1 %)
Net Income	(132.87)	(236.95)	(78.3 %)
Average Shares	929.40	929.40	-
EPS (Riyals)	(0.14)	(0.25)	(78.3 %)

Item	Q2 2020	Q3 2020	Change‬
Revenues	1.39	1.93	39.1 %
Gross Income	(138.07)	(67.16)	51.4 %
Operating Income	(214.93)	(143.06)	33.4 %
Net Income	(453.50)	(236.95)	47.8 %
Average Shares	929.40	929.40	-
EPS (Riyals)	(0.49)	(0.25)	47.8 %

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