Financial Results : Jabal Omar widens losses to SAR 345.3 mln in Q1 2021

Jabal Omar widens losses to SAR 345.3 mln in Q1 2021

17/05/2021 Argaam Exclusive

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Jabal Omar Development Co. widened its net loss after Zakat and tax to SAR 345.3 million for the first quarter of 2021, from SAR 237.9 million in the year-earlier period.



Current Quarter Comparison (M)

Compared With The
Item Q1 2020 Q1 2021 Change‬
Revenues 158.60 21.57 (86.4 %)
Gross Income (1.68) (88.45) (5,180.4 %)
Operating Income (67.53) (129.18) (91.3 %)
Net Income (237.86) (345.30) (45.2 %)
Average Shares 929.40 929.40 -
EPS (Riyals) (0.26) (0.37) (45.2 %)

The company attributed the increase in loss to a steep decline in revenue due to lower occupancy rates at hotels and commercial malls as part of the precautionary measures taken to limit the spread of the COVID-19 pandemic.

 

The developer also cited an increase in financial charges, due to non-capitalization of borrowing cost, as there were no significant development activities during the period.

When compared to Q4 2020, the company narrowed its net loss after Zakat and tax by 18% from SAR 421.2 million.

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