Jabal Omar profit surges to SAR 200.1M in 2024; Q4 at SAR 351.4M

06/03/2025 Argaam Exclusive

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Jabal Omar Development Co. (Jabal Omar) reported a net profit of SAR 200.1 million in 2024, an increase of more than fivefold from SAR 37.5 million a year earlier.

Financials (M)

Item	2023	2024	Change‬
Revenues	1,326.72	1,901.40	43.3 %
Gross Income	401.05	607.78	51.5 %
Operating Income	623.44	836.82	34.2 %
Net Income	37.48	200.07	433.8 %
Average Shares	1,154.53	1,180.02	2.2 %
Earnings Per Share before unusual items (Riyals)	(0.31)	(0.54)	(75.3 %)
EPS (Riyals)	0.03	0.17	422.3 %

The revenue growth was attributed to improved operations in two new hotels, Address Jabal Omar and Jumeirah Jabal Omar, along with a strong improvement in hotel occupancy and commercial centers revenue.

The company recorded other operating income of SAR 748 million related to the sale of land plot in Jabal Omar project.

This came despite higher general and administrative expenses, increased costs of finance and expected credit losses of SAR 49 million during the year.

Current Quarter Comparison (M)

Compared With The

Item	Q4 2023	Q4 2024	Change‬
Revenues	320.56	427.39	33.3 %
Gross Income	(5.41)	96.23	1880.4 %
Operating Income	288.95	540.59	87.1 %
Net Income	(200.07)	351.37	275.6 %
Average Shares	1,154.53	1,180.02	2.2 %
Earnings Per Share before unusual items (Riyals)	(0.17)	(0.34)	(94.0 %)
EPS (Riyals)	(0.17)	0.30	271.8 %

Item	Q3 2024	Q4 2024	Change‬
Revenues	256.04	427.39	66.9 %
Gross Income	(38.82)	96.23	347.9 %
Operating Income	(99.54)	540.59	643.1 %
Net Income	(203.62)	351.37	272.6 %
Average Shares	1,160.91	1,180.02	1.6 %
Earnings Per Share before unusual items (Riyals)	(0.25)	(0.34)	(35.4 %)
EPS (Riyals)	(0.18)	0.30	269.8 %

Q4 2024 net earnings stood at SAR 351.4 million, versus a net loss of SAR 200.07 million in the year-earlier period.

On a sequential basis, Jabal Omar swung to profit from SAR 203.6 million losses in Q3 2024.

Total shareholders’ equity, after minority interest, stood at SAR 13.46 billion by Dec. 31, 2024, compared to SAR 12.72 billion a year earlier.

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