Jabal Omar Development Co. turned to a net profit of SAR 12 million in the first quarter of 2023, against a loss of SAR 182.5 million in the year-earlier period.
| Item | Q1 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 109.65 | 317.09 | 189.2 % |
| Gross Income | (25.74) | 122.25 | 575.0 % |
| Operating Income | (73.02) | 99.07 | 235.7 % |
| Net Income | (182.46) | 11.93 | 106.5 % |
| Average Shares | 1,041.97 | 1,154.53 | 10.8 % |
| EPS (Riyals) | (0.18) | 0.01 | 105.9 % |
| Item | Q4 2022 | Q1 2023 | Change |
|---|---|---|---|
| Revenues | 239.58 | 317.09 | 32.4 % |
| Gross Income | (27.73) | 122.25 | 540.9 % |
| Operating Income | (59.03) | 99.07 | 267.8 % |
| Net Income | (194.45) | 11.93 | 106.1 % |
| Average Shares | 1,041.97 | 1,154.53 | 10.8 % |
| EPS (Riyals) | (0.19) | 0.01 | 105.5 % |
Revenue soared by 189% year-on-year (YoY) due to the strong improvement in hotel occupancy and average room rates.
The company also cited a reversal of expected credit loss provision of SAR 28 million on improved collection of receivables.
Financial charges expenses fell by 18% YoY due to additional capitalization of finance cost in the current quarter.
When compared to Q4 2022, the company swung to profit from a loss of SAR 194.45 million, mainly due to higher revenue.
Total shareholders’ equity, after minority interest, reached SAR 12.69 billion as of March 31, 2023, compared to SAR 7.74 billion a year earlier.
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