Jabal Omar Development Co. swung to a net profit of SAR 37.5 million in 2023 from a net loss of SAR 352.4 million in 2022.
| Item | 2022 | 2023 | Change |
|---|---|---|---|
| Revenues | 849.50 | 1,326.72 | 56.2 % |
| Gross Income | 29.47 | 401.05 | 1261.0 % |
| Operating Income | (176.78) | 226.46 | 228.1 % |
| Net Income | (352.43) | 37.48 | 110.6 % |
| Average Shares | 1,041.97 | 1,154.53 | 10.8 % |
| EPS (Riyals) | (0.34) | 0.03 | 109.6 % |
The positive results were fueled by a 56% year-on-year (YoY) rise in revenue, thanks to strong improvement in hotel occupancy and average room rates, in addition to growth in commercial centers revenue.
The company gained SAR 391 million from the sale of land in Jabal Omar project.
Meanwhile, operating expenses dropped by 20% YoY, due to the reversal of credit losses and a decline in advisory services fees.
| Item | Q4 2022 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 239.58 | 320.56 | 33.8 % |
| Gross Income | (27.73) | (5.41) | 80.5 % |
| Operating Income | (59.03) | (287.22) | (386.5 %) |
| Net Income | (194.45) | (200.07) | (2.9 %) |
| Average Shares | 1,041.97 | 1,154.53 | 10.8 % |
| EPS (Riyals) | (0.19) | (0.17) | 7.1 % |
| Item | Q3 2023 | Q4 2023 | Change |
|---|---|---|---|
| Revenues | 234.62 | 320.56 | 36.6 % |
| Gross Income | 47.52 | (5.41) | (111.4 %) |
| Operating Income | 15.03 | (287.22) | (2010.6 %) |
| Net Income | 305.46 | (200.07) | (165.5 %) |
| Average Shares | 1,154.53 | 1,154.53 | - |
| EPS (Riyals) | 0.26 | (0.17) | (165.5 %) |
In Q4 2023, the real estate developer deepened net losses to SAR 200.1 million, compared to SAR 194.4 million in the prior-year period.
In Q3 2023, Jabal Omar had posted a net profit of SAR 305.4 million.
Shareholders’ equity, after minority interest, reached SAR 12.72 billion as of Dec. 31, 2023, up from SAR 12.68 billion a year earlier.
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