Riyadh – Mubasher: Jabal Omar Development Company suffered net losses after Zakat and tax worth SAR 157.98 million in the first nine months (9M) of 2022, down 54.18% from SAR 344.77 million in 9M-21.
Revenues hiked by 329.58% year-on-year (YoY) to SAR 609.92 million in the January-September 2022 period, compared to SAR 141.98 million, according to the interim financial results.
Additionally, the loss per share stood at SAR 0.17 in 9M-22, lower than SAR 0.37 in 9M-21.
The accumulated losses amounted to SAR 1.39 billion as of 30 September 2022, accounting for 12% of the SAR 11.54 billion capital.
In the third quarter (Q3) of 2022, Jabal Omar shifted to net profits after Zakat and tax worth SAR 153.11 million, versus net losses of SAR 270.04 million in Q3-21.
The revenues enlarged by 407.03% YoY to SAR 218.63 million in Q3-22 from SAR 43.12 million.
On a quarterly basis, the Saudi company also turned profitable in the July-September 2022 period against net losses after Zakat and tax worth SAR 128.62 million in Q2-22.
Meanwhile, the Q3-22 revenues plummeted by 22.38% from SAR 281.65 million in Q2-22.
In the first half (H1) of 2022, the Tadawul-listed firm recorded a 316.29% leap in net losses after Zakat and tax to SAR 311.09 million, compared to SAR 74.73 million in H1-21.
