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.
| 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 % |
| Item | Q4 2023 | Q1 2024 | Change |
|---|---|---|---|
| Revenues | 320.56 | 592.85 | 84.9 % |
| Gross Income | (5.41) | 254.28 | 4804.5 % |
| Operating Income | (103.91) | 178.59 | 271.9 % |
| Net Income | (200.07) | 19.02 | 109.5 % |
| Average Shares | 1,154.53 | 1,154.53 | - |
| EPS (Riyals) | (0.17) | 0.02 | 109.5 % |
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.
Argaam Investment Company has updated the Privacy Policy of its services and digital platforms. Know more about our Privacy Policy here.
Argaam uses cookies to personalize content, to provide social media features and analyze traffic, that we might also share with third parties. You consent to our cookies if you use this website
Comments {{getCommentCount()}}
Be the first to comment
رد{{comment.DisplayName}} على {{getCommenterName(comment.ParentThreadID)}}
{{comment.DisplayName}}
{{comment.ElapsedTime}}