Financial Results : Jabal Omar earns SAR 19M in Q1 2024

Jabal Omar earns SAR 19M in Q1 2024

16/05/2024 Argaam Exclusive

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Jabal Omar Development Co. posted a net profit of SAR 19 million in the first quarter of 2024, up from SAR 11.9 million in the year before.



Current Quarter Comparison (M)

Compared With The
Item Q1 2023 Q1 2024 Change‬
Revenues 317.09 592.85 87.0 %
Gross Income 122.25 254.28 108.0 %
Operating Income 99.07 178.59 80.3 %
Net Income 11.93 19.02 59.5 %
Average Shares 1,154.53 1,154.53 -
EPS (Riyals) 0.01 0.02 59.5 %

Revenues from hotels climbed 56% year-on-year (YoY) in Q1 2024, mainly due to improved hotel occupancy and higher average room rates. In addition, revenues from commercial malls increased 35% YoY during the same period.

 

The company also recognized revenues of SAR 105 million related to properties sold in previous periods. The first-quarter revenues also leapt by 87% YoY.

 

On a sequential basis, the company turned profitable from a net loss of SAR 200 million in Q4 2023 as revenues soared 85% quarter-on-quarter.

 

Total shareholders’ equity, after minority interest, rose slightly to SAR 12.74 billion as of March 31, 2024, compared to SAR 12.69 billion a year earlier.

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