Jabal Omar’s accumulated losses shrink to 13% of capital

29/05/2022 Argaam

Logo of Jabal Omar Development Co.

Jabal Omar Development Co.’s accumulated losses decreased to 13% of capital, as on Dec. 31, 2021, to reach SAR 1.179 billion, the company announced in a bourse filing.

 

The company attributed this decline to the increase in revenue during 2021, as a result of easing COVID-19 restrictions, as well as the implementation of cost optimization initiatives.

 

The decrease was also achieved thanks to the gains recognized from selling two plots of land in Jebel Omar project. The sale was announced on Dec. 13, 2020 and Sept. 30, 2021.

 

Another reason for the loss decrease was the adjustment gain recognized on restructuring the Ministry of Finance’s direct loan, which was announced on Nov. 21, 2021.

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