Jabal Omar Development Co. reported net losses of SAR 917.8 million for the first nine months of 2020, versus net losses of SAR 206 million in year-earlier period, driven by a steep decline in revenue over the pandemic lockdown.
The company also cited lower other income, higher credit loss allowances, and higher financial charges over the pandemic outbreak.
| Item | 9m 2019 | 9m 2020 | Change |
|---|---|---|---|
| Revenues | 727.06 | 144.96 | (80.1 %) |
| Gross Income | 194.72 | (248.11) | (227.4 %) |
| Operating Income | 40.27 | (441.21) | (1195.5 %) |
| Net Income | (205.99) | (917.78) | (345.5 %) |
| Average Shares | 929.40 | 929.40 | - |
| EPS (Riyals) | (0.22) | (0.99) | (345.5 %) |
The real estate developer widened net losses by 78.3% YoY to SAR 236.9 million in Q3 2020, due to lower revenue, higher loss provisions, and an increase in other expenses.
On a sequential basis, Jabal Omar shrank losses by 49.06%.
| Item | Q3 2019 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 244.33 | 1.93 | (99.2 %) |
| Gross Income | 94.29 | (67.16) | (171.2 %) |
| Operating Income | 44.55 | (143.06) | (421.1 %) |
| Net Income | (132.87) | (236.95) | (78.3 %) |
| Average Shares | 929.40 | 929.40 | - |
| EPS (Riyals) | (0.14) | (0.25) | (78.3 %) |
| Item | Q2 2020 | Q3 2020 | Change |
|---|---|---|---|
| Revenues | 1.39 | 1.93 | 39.1 % |
| Gross Income | (138.07) | (67.16) | 51.4 % |
| Operating Income | (214.93) | (143.06) | 33.4 % |
| Net Income | (453.50) | (236.95) | 47.8 % |
| Average Shares | 929.40 | 929.40 | - |
| EPS (Riyals) | (0.49) | (0.25) | 47.8 % |
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