Jabal Omar Development Company reported 78.17% lower net losses after Zakat and tax to SAR 67.91 million in the first half (H1) of 2023 when compared to SAR 311.09 million in H1-22.

The loss per share decreased to SAR 0.06 in January-June 2023 from SAR 0.33 in the same period a year earlier, according to the income statement.

The real estate development company achieved revenue worth SAR 771.54 million in H1-23, an annual surge of 97.18% from SAR 391.29 million.

Income Statement for Q2-23

During the second quarter (Q2) of 2023, Jabal Omar recorded a 37.92% year-on-year (YoY) decline in net loss to SAR 79.84 million from SAR 128.62 million.

The revenues jumped by 61.36% to SAR 454.46 million in April-June 2023 from SAR 281.65 million in Q2-22.

On a quarterly basis, the company turned to net losses in Q2-23 against net profits worth SAR 11.93 million in Q1-23, while the revenues grew by 43.32% from SAR 317.09 million.

Accumulated Losses

The accumulated losses, meanwhile, reached SAR 68 million as on 30 June 2023.

The amount accounted for 0.59% of the SAR 11.54 billion capital.

It is noteworthy to mention that in H1-22, the accumulated losses of Jabal Omar stood at SAR 1.49 billion which represented 16% of the SAR 9.29 billion capital as on 30 June 2022.

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