Jabal Omar swings to profit of SAR 946.2 mln in 2021, Q4 at SAR 1.291 bln

31/03/2022 Argaam Exclusive

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Jabal Omar Development Co. swung to a net profit after Zakat and tax of SAR 946.2 million in 2021, against a net loss of SAR 1.339 billion a year earlier.

The positive performance was driven by higher revenue, on eased COVID-19 restrictions. The real estate developer implemented cost optimization initiatives in 2021, and recognized a gain on sale of two land plots in Jabal Omar project, as announced on Tadawul on Dec. 13 2020 and Sept. 30, 2021, respectively.

Financials (M)

Item	2020	2021	Change‬
Revenues	176.68	310.36	75.7 %
Gross Income	(424.69)	(224.64)	47.1 %
Operating Income	(757.62)	(432.35)	42.9 %
Net Income	(1339.01)	946.21	170.7 %
Average Shares	929.40	929.40	-
EPS (Riyals)	(1.44)	1.02	170.7 %

In Q4 2021, Jabal Omar posted a net profit of SAR 1.291 billion, against a net loss of SAR 421.23 million.

The company turned profitable, against a net loss of SAR 270.04 million in Q3 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2020	Q4 2021	Change‬
Revenues	31.72	168.38	430.8 %
Gross Income	(176.57)	(24.58)	86.1 %
Operating Income	(316.41)	(128.07)	59.5 %
Net Income	(421.23)	1,290.98	406.5 %
Average Shares	929.40	929.40	-
EPS (Riyals)	(0.45)	1.39	406.5 %

Item	Q3 2021	Q4 2021	Change‬
Revenues	43.12	168.38	290.5 %
Gross Income	(64.86)	(24.58)	62.1 %
Operating Income	(57.83)	(128.07)	(121.5 %)
Net Income	(270.04)	1,290.98	578.1 %
Average Shares	929.40	929.40	-
EPS (Riyals)	(0.29)	1.39	578.1 %

Shareholders’ equity, after minority interest, reached SAR 8.626 billion in 2021, up from SAR 6.987 billion in 2020.

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