Jabal Omar Development Co. (JODC) narrowed net loss after Zakat and tax by 54.18% to SAR 158 million for the first nine months of 2022, from SAR 344.8 million in a year-earlier period, spurred by higher revenue, stronger occupancy rates, and lower general and administrative expenses. The company also cited a decline in financial charges by SAR 338 million as a result of converting debt owed to Alinma Makkah Real Estate Fund into shares.
| Item | 9m 2021 | 9m 2022 | Change |
|---|---|---|---|
| Revenues | 141.98 | 609.92 | 329.6 % |
| Gross Income | (200.06) | 79.49 | 139.7 % |
| Operating Income | (304.28) | (117.74) | 61.3 % |
| Net Income | (344.77) | (157.98) | 54.2 % |
| Average Shares | 929.40 | 1,041.97 | 12.1 % |
| EPS (Riyals) | (0.37) | (0.15) | 59.1 % |
The Saudi firm reported a net profit after Zakat and tax of SAR 153.11 million in Q3 2022, versus a net loss after Zakat and tax of SAR 270.04 million in a prior-year period, on higher revenue, strong improvement in hotel occupancy rates due to lifting COVID-19 precautionary restrictions.
The company also cited lower financial charges and SAR 260 million gains from debt conversion.
On a sequential basis, JODC turned to profit, against SAR 128.62 million in losses in Q2 2022.
| Item | Q3 2021 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 43.12 | 218.63 | 407.0 % |
| Gross Income | (64.86) | 7.98 | 112.3 % |
| Operating Income | (57.83) | (86.78) | (50.1 %) |
| Net Income | (270.04) | 153.11 | 156.7 % |
| Average Shares | 929.40 | 1,041.97 | 12.1 % |
| EPS (Riyals) | (0.29) | 0.15 | 150.6 % |
| Item | Q2 2022 | Q3 2022 | Change |
|---|---|---|---|
| Revenues | 281.65 | 218.63 | (22.4 %) |
| Gross Income | 97.25 | 7.98 | (91.8 %) |
| Operating Income | 42.06 | (86.78) | (306.3 %) |
| Net Income | (128.62) | 153.11 | 219.0 % |
| Average Shares | 1,041.97 | 1,041.97 | - |
| EPS (Riyals) | (0.12) | 0.15 | 219.0 % |
Total shareholders’ equity, excluding minority interest, stood at SAR 13.582 billion as of Sept. 30, 2022, compared to SAR 6.643 billion in the year-earlier period.
Accumulated losses stood at SAR 1.393 billion, or 12% of capital, as of Sept. 30, 2022.
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}}