Jabal Omar widens H1 2022 net loss to SAR 311.1 mln; Q2 at SAR 128.6 mln

21/08/2022 Argaam Exclusive

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Jabal Omar Development Co. widened H1 2022 net loss after Zakat and tax by more than four-fold to SAR 311.1 million, compared to SAR 74.7 million in the prior-year period, as the company recorded no land sale in this period.

Financials (M)

Item	6m 2021	6m 2022	Change‬
Revenues	98.86	391.29	295.8 %
Gross Income	(135.20)	71.51	152.9 %
Operating Income	(246.45)	(30.96)	87.4 %
Net Income	(74.73)	(311.09)	(316.3 %)
Average Shares	929.40	1,041.97	12.1 %
EPS (Riyals)	(0.08)	(0.30)	(271.3 %)

Jabal Omar reported a net loss after Zakat and tax of SAR 128.62 million in Q2 2022, versus a net profit of SAR 270.57 million in a year-earlier period, driven by recording no land sale in this quarter.

On a sequential basis, the company narrowed net losses by 29.5% from SAR 182.46 million.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2021	Q2 2022	Change‬
Revenues	77.29	281.65	264.4 %
Gross Income	(46.75)	97.25	308.0 %
Operating Income	(117.27)	42.06	135.9 %
Net Income	270.57	(128.62)	(147.5 %)
Average Shares	929.40	1,041.97	12.1 %
EPS (Riyals)	0.29	(0.12)	(142.4 %)

Item	Q1 2022	Q2 2022	Change‬
Revenues	109.65	281.65	156.9 %
Gross Income	(25.74)	97.25	477.8 %
Operating Income	(73.02)	42.06	157.6 %
Net Income	(182.46)	(128.62)	29.5 %
Average Shares	1,041.97	1,041.97	-
EPS (Riyals)	(0.18)	(0.12)	29.5 %

Total shareholders’ equity, excluding minority interest, stood at SAR 8.315 billion by the end of H1 2022, compared to SAR 6.913 billion in the year-earlier period.

Accumulated losses stood at 16%, or SAR 1.491 billion, of capital by the end of H1 2022.

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