Saudi: Jabal Omar shifts to over $13.8mln profits in H1-24

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Jabal Omar Development Company turned profitable at SAR 52.32 million in the first half (H1) of 2024, against net losses valued at SAR 67.91 million in H1-23.

Earnings per share (EPS) hit SAR 0.05 as of 30 June 2024, versus a loss per share of SAR 0.06 in the year-ago period, according to the financial results.

The Saudi firm posted 57.86% year-on-year (YoY) higher revenues at SAR 1.21 billion, compared to SAR 771.54 million.

Financials for Q2-24

In the second quarter (Q2) of 2024, Jabal Omar registered net profits amounting to SAR 33.30 million, versus net losses worth SAR 79.84 million in the April-June 2023 period.

Revenues hiked by 37.55% YoY to SAR 625.12 million in Q2-24 from SAR 454.46 million.

Quarter-on-quarter (QoQ), the net profits in Q2-24 jumped by 75.07% from SAR 19.02 million in Q1-24, while the sales increased by 5.44% from SAR 592.85 million.