Jabal Omar Development Co. turned a profit of SAR 237.6 million in the first nine months of 2023 against a net loss of SAR 158 million a year earlier.
| Item | 9m 2022 | 9m 2023 | Change |
|---|---|---|---|
| Revenues | 609.92 | 1,006.17 | 65.0 % |
| Gross Income | 79.49 | 406.46 | 411.3 % |
| Operating Income | (117.74) | 330.37 | 380.6 % |
| Net Income | (157.98) | 237.55 | 250.4 % |
| Average Shares | 1,041.97 | 1,154.53 | 10.8 % |
| EPS (Riyals) | (0.15) | 0.21 | 235.7 % |
The nine-month results were bolstered by a 65% leap year-on-year (YoY) in revenue, thanks to strong improvements in hotel occupancy rates and average room rates.
The company generated SAR 391 million in profit from selling a land plot in the Jabal Omar project.
It reversed a SAR 42 million provision for doubtful debts in the current period due to improved collections of receivables compared to the same period last year.
| Item | Q3 2022 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 218.63 | 234.62 | 7.3 % |
| Gross Income | 7.98 | 47.52 | 495.5 % |
| Operating Income | (86.78) | 15.03 | 117.3 % |
| Net Income | 153.11 | 305.46 | 99.5 % |
| Average Shares | 1,041.97 | 1,154.53 | 10.8 % |
| EPS (Riyals) | 0.15 | 0.26 | 80.1 % |
| Item | Q2 2023 | Q3 2023 | Change |
|---|---|---|---|
| Revenues | 454.46 | 234.62 | (48.4 %) |
| Gross Income | 236.68 | 47.52 | (79.9 %) |
| Operating Income | 216.27 | 15.03 | (93.0 %) |
| Net Income | (79.84) | 305.46 | 482.6 % |
| Average Shares | 1,154.53 | 1,154.53 | 0.0 % |
| EPS (Riyals) | (0.07) | 0.26 | 482.6 % |
In Q3 2023, the company recorded a net profit of SAR 305.5 million, rising 99.5% compared to SAR 153.1 million in the year-earlier period, thanks to a 7% YoY rise in revenue amid better hotel occupancy rates and average room rates.
The real estate developer earned SAR 391 million from selling a land plot in the Jabal Omar project. Additionally, operating expenses (OpEx) declined by 37% YoY primarily due to the reversal of a credit loss provision and a decline in advisory costs.
Jabal Omar turned profitable from a net loss of SAR 79.8 million in Q2 2023, thanks to the recognition of SAR 391 million in profit from the land sale. The company allocated a Zakat provision of SAR 7 million, compared to a provision of SAR 194 million in Q2 2023.
Total shareholders’ equity, after minority interest, stood at SAR 12.92 billion as of Sept. 30, 2023, up from SAR 12.88 billion in the prior-year period.
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