Financial Results : Jabal Omar widens H1 2022 net loss to SAR 311.1 mln; Q2 at SAR 128.6 mln

Jabal Omar widens H1 2022 net loss to SAR 311.1 mln; Q2 at SAR 128.6 mln

21/08/2022 Argaam Exclusive

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Jabal Omar Development Co. widened H1 2022 net loss after Zakat and tax by more than four-fold to SAR 311.1 million, compared to SAR 74.7 million in the prior-year period, as the company recorded no land sale in this period.



Financials (M)

Item 6m 2021 6m 2022 Change‬
Revenues 98.86 391.29 295.8 %
Gross Income (135.20) 71.51 152.9 %
Operating Income (246.45) (30.96) 87.4 %
Net Income (74.73) (311.09) (316.3 %)
Average Shares 929.40 1,041.97 12.1 %
EPS (Riyals) (0.08) (0.30) (271.3 %)

Jabal Omar reported a net loss after Zakat and tax of SAR 128.62 million in Q2 2022, versus a net profit of SAR 270.57 million in a year-earlier period, driven by recording no land sale in this quarter.

 

On a sequential basis, the company narrowed net losses by 29.5% from SAR 182.46 million. 



Current Quarter Comparison (M)

Compared With The
Item Q2 2021 Q2 2022 Change‬
Revenues 77.29 281.65 264.4 %
Gross Income (46.75) 97.25 308.0 %
Operating Income (117.27) 42.06 135.9 %
Net Income 270.57 (128.62) (147.5 %)
Average Shares 929.40 1,041.97 12.1 %
EPS (Riyals) 0.29 (0.12) (142.4 %)

Total shareholders’ equity, excluding minority interest, stood at SAR 8.315 billion by the end of H1 2022, compared to SAR 6.913 billion in the year-earlier period.

 

Accumulated losses stood at 16%, or SAR 1.491 billion, of capital by the end of H1 2022.

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