Riyadh – Mubasher: Jabal Omar Development Company shifted to net profits after Zakat and tax valued at SAR 11.93 million in the first quarter (Q1) of 2023, versus net losses worth SAR 182.46 million in Q1-22.
The revenues hit SAR 317.09 million as of 31 March 2023, a 189.18% year-on-year (YoY) surge from SAR 109.65 million, according to the initial income statements.
Earnings per share (EPS) reached SAR 0.01 in Q1-23, compared to a loss per share worth SAR 0.20 in Q1-22.
On a quarterly basis, the company also turned profitable in Q1-23 against net losses after Zakat and tax valued at SAR 194.45 million in Q4-22, while the revenues hiked by 32.35% from SAR 239.58 million.
Saeed Al Ghamdi, Chairman of Jabal Omar, commented: "Our quarterly results show we are in the right direction, which resulted in achieving strong growth in revenues, driven by the improvement in the performance of the hospitality and commercial centers portfolio, faster than the growth in operating costs, this confirms our full commitment at the same time to maintaining cost control.”
Last year, the firm turned to net losses after Zakat and tax valued at SAR 352.43 million, compared to net profits worth SAR 946.21 million in 2021.
