Jabal Omar narrows H1 2021 net loss to SAR 74.7 mln on land sale

15/08/2021 Argaam Exclusive

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Jabal Omar Development Co. (JODC) trimmed net loss after Zakat and tax to SAR 74.7 million in H1 2021, compared to SAR 691.4 million in the year-earlier period, driven by an increase in other income due to gain recognized on sale of a land plot in Jabal Omar project.

Financials (M)

Item	6m 2020	6m 2021	Change‬
Revenues	159.99	98.86	(38.2 %)
Gross Income	(139.75)	(135.20)	3.3 %
Operating Income	(282.46)	(246.45)	12.7 %
Net Income	(691.37)	(74.73)	89.2 %
Average Shares	929.40	929.40	-
EPS (Riyals)	(0.74)	(0.08)	89.2 %

The real estate developer reported net profit of SAR 270.6 million in Q2 2021, versus net loss of SAR 453.5 million in the year earlier period, due to higher revenue and increase of other income.

On a sequential basis, JODC turned to profit in Q2 2021, from SAR 345.3 million loss in Q1 2021.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2020	Q2 2021	Change‬
Revenues	1.39	77.29	5464.1 %
Gross Income	(138.07)	(46.75)	66.1 %
Operating Income	(214.93)	(117.27)	45.4 %
Net Income	(453.50)	270.57	159.7 %
Average Shares	929.40	929.40	-
EPS (Riyals)	(0.49)	0.29	159.7 %

Item	Q1 2021	Q2 2021	Change‬
Revenues	21.57	77.29	258.2 %
Gross Income	(88.45)	(46.75)	47.1 %
Operating Income	(129.18)	(117.27)	9.2 %
Net Income	(345.30)	270.57	178.4 %
Average Shares	929.40	929.40	-
EPS (Riyals)	(0.37)	0.29	178.4 %

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