Riyadh – Mubasher: Jabal Omar Development Company swung to net losses after Zakat and tax worth SAR 352.43 million in 2022, against net profits of SAR 946.21 million in 2021.
Revenues stood at SAR 849.50 million last year, higher by 173.71% than SAR 310.36 million in 2021, according to the income statements.
The loss per share hit SAR 0.35 in 2022, versus earnings per share (EPS) valued at SAR 1.02 a year earlier.
Saeed Al Ghamdi, Chairman of Jabal Omar, said: “Over the past year, Jabal Omar has dedicated its efforts to identifying priorities that serve the long-term interests of the company to enable it to continue achieving its aspirations of qualitative achievements in an optimal manner.”
Al Ghamdi continued: “We were keen to lay strong foundations and pillars to restructure financial obligations to enable the company to implement its strategic and operational plans and expedite the existing projects (phases two, three, and four) of Jabal Omar and support its future activities.”
In the first nine months (9M) of 2022, the net losses after Zakat and tax of Jabal Omar plummeted by 54.18% year-on-year (YoY) to SAR 157.98 million, compared to SAR 344.77 million.
The Saudi firm incurred accumulated losses worth SAR 1.39 billion as of 30 September 2022, which represented 12% of the SAR 11.54 billion capital.
