Jabal Omar earns SAR 37.5M in 2023, incurs SAR 200.1M loss in Q4

25/03/2024 Argaam Exclusive

View other reports

Jabal Omar Development Co. swung to a net profit of SAR 37.5 million in 2023 from a net loss of SAR 352.4 million in 2022.

Financials (M)

Item	2022	2023	Change‬
Revenues	849.50	1,326.72	56.2 %
Gross Income	29.47	401.05	1261.0 %
Operating Income	(176.78)	226.46	228.1 %
Net Income	(352.43)	37.48	110.6 %
Average Shares	1,041.97	1,154.53	10.8 %
EPS (Riyals)	(0.34)	0.03	109.6 %

The positive results were fueled by a 56% year-on-year (YoY) rise in revenue, thanks to strong improvement in hotel occupancy and average room rates, in addition to growth in commercial centers revenue.

The company gained SAR 391 million from the sale of land in Jabal Omar project.

Meanwhile, operating expenses dropped by 20% YoY, due to the reversal of credit losses and a decline in advisory services fees.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2022	Q4 2023	Change‬
Revenues	239.58	320.56	33.8 %
Gross Income	(50.02)	(5.41)	89.2 %
Operating Income	(59.03)	(103.91)	(76.0 %)
Net Income	(194.45)	(200.07)	(2.9 %)
Average Shares	1,041.97	1,154.53	10.8 %
EPS (Riyals)	(0.19)	(0.17)	7.1 %

Item	Q3 2023	Q4 2023	Change‬
Revenues	234.62	320.56	36.6 %
Gross Income	47.52	(5.41)	(111.4 %)
Operating Income	15.03	(103.91)	(791.2 %)
Net Income	305.46	(200.07)	(165.5 %)
Average Shares	1,154.53	1,154.53	-
EPS (Riyals)	0.26	(0.17)	(165.5 %)

In Q4 2023, the real estate developer deepened net losses to SAR 200.1 million, compared to SAR 194.4 million in the prior-year period.

In Q3 2023, Jabal Omar had posted a net profit of SAR 305.4 million.

Shareholders’ equity, after minority interest, reached SAR 12.72 billion as of Dec. 31, 2023, up from SAR 12.68 billion a year earlier.

View More Financial Results

Kindly, you can view the full report by subscribing to the

The report contains the details of the financial statements, The most important financial indicators, Historical information, Charts, and Forecasts of experts.

Twitter

Facebook

Linked in

Comments {{getCommentCount()}}

Be the first to comment

رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}

Sorry: the validity period has ended to comment on this news

Opinions expressed in the comments section do not reflect the views of Argaam. Abusive comments of any kind will be removed. Political or religious commentary will not be tolerated.

×