Jabal Omar says precautionary measures to impact revenues, profits in 2020

Jabal Omar Development Co.'s revenues and profits for the fiscal year 2020 will be impacted due to the government’s precautionary measures imposed to contain the spread of coronavirus, the company said in a bourse filing on Thursday.

The precautionary measures such as temporary suspension of Umrah, domestic and international flights, as well as closure of malls, have led to a decline in occupancy rates in hotels, the statement added.

The company said it is unable to assess the financial impact of the precautionary measures at present and any further developments will be announced in due course.

On the private sector’s support packages, Jabal Omar said it is working closely with relevant authorities to identify the support mechanism and feasibility.