Jabal Omar swings to SAR 52.3M profit in H1 2024; Q2 at SAR 33.3M

04/08/2024 Argaam Exclusive

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Jabal Omar Development Co. turned to a net profit of SAR 52.3 million in H1 2024, against 67.91 million net losses in the year-earlier period.

Financials (M)

Item	6m 2023	6m 2024	Change‬
Revenues	771.54	1,217.97	57.9 %
Gross Income	358.93	550.37	53.3 %
Operating Income	315.34	393.44	24.8 %
Net Income	(67.91)	52.34	177.1 %
Average Shares	1,154.53	1,160.91	0.6 %
EPS (Riyals)	(0.06)	0.05	176.6 %

The second-quarter net profit amounted to SAR 33.3 million, against SAR 79.8 million in net losses in Q2 2023.

On a quarterly basis, net earnings jumped 75% from SAR 19.02 million in Q1 2024.

Current Quarter Comparison (M)

Compared With The

Item	Q2 2023	Q2 2024	Change‬
Revenues	454.46	625.12	37.6 %
Gross Income	236.68	296.09	25.1 %
Operating Income	216.27	214.85	(0.7 %)
Net Income	(79.84)	33.32	141.7 %
Average Shares	1,154.53	1,160.91	0.6 %
EPS (Riyals)	(0.07)	0.03	141.5 %

Item	Q1 2024	Q2 2024	Change‬
Revenues	592.85	625.12	5.4 %
Gross Income	254.28	296.09	16.4 %
Operating Income	178.59	214.85	20.3 %
Net Income	19.02	33.32	75.2 %
Average Shares	1,154.53	1,160.91	0.6 %
EPS (Riyals)	0.02	0.03	74.2 %

Total shareholders’ equity, excluding minority interest, rose to SAR 12.77 billion as of June 30, 2024, from SAR 12.61 billion a year earlier.

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