Financial Results : Jabal Omar incurs SAR 158 mln loss in 9M 2022; Q3 net profit at SAR 153.1 mln on debt conversion

Jabal Omar incurs SAR 158 mln loss in 9M 2022; Q3 net profit at SAR 153.1 mln on debt conversion

09/11/2022 Argaam Exclusive

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Jabal Omar Development Co. (JODC) narrowed net loss after Zakat and tax by 54.18% to SAR 158 million for the first nine months of 2022, from SAR 344.8 million in a year-earlier period, spurred by higher revenue, stronger occupancy rates, and lower general and administrative expenses. The company also cited a decline in financial charges by SAR 338 million as a result of converting debt owed to Alinma Makkah Real Estate Fund into shares. 



Financials (M)

Item 9m 2021 9m 2022 Change‬
Revenues 141.98 609.92 329.6 %
Gross Income (200.06) 79.49 139.7 %
Operating Income (304.28) (117.74) 61.3 %
Net Income (344.77) (157.98) 54.2 %
Average Shares 929.40 1,041.97 12.1 %
EPS (Riyals) (0.37) (0.15) 59.1 %

The Saudi firm reported a net profit after Zakat and tax of SAR 153.11 million in Q3 2022, versus a net loss after Zakat and tax of SAR 270.04 million in a prior-year period, on higher revenue, strong improvement in hotel occupancy rates due to lifting COVID-19 precautionary restrictions. 

 

The company also cited lower financial charges and SAR 260 million gains from debt conversion. 

  

On a sequential basis, JODC turned to profit, against SAR 128.62 million in losses in Q2 2022.  



Current Quarter Comparison (M)

Compared With The
Item Q3 2021 Q3 2022 Change‬
Revenues 43.12 218.63 407.0 %
Gross Income (64.86) 7.98 112.3 %
Operating Income (57.83) (86.78) (50.1 %)
Net Income (270.04) 153.11 156.7 %
Average Shares 929.40 1,041.97 12.1 %
EPS (Riyals) (0.29) 0.15 150.6 %

Total shareholders’ equity, excluding minority interest, stood at SAR 13.582 billion as of Sept. 30, 2022, compared to SAR 6.643 billion in the year-earlier period.  

 

Accumulated losses stood at SAR 1.393 billion, or 12% of capital, as of Sept. 30, 2022.

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