Jabal Omar reports record SR691.07m profit in fourth quarter

Jabal Omar Development Company’s profit has reached SR691.07 million in the fourth quarter of 1437AH, as against the loss of SR126.95 million in the same quarter of the previous year. The achievement is after adjustment by increasing the profit rate of 644 percent.
Announcing the annual financial results for the fourth quarter of 1437AH, the company stated that it has registered the highest profit growth in its history in record time.
In return, it gained SR9.49 million in the previous quarter with an increase of profit by 7182 percent and the gross profit now reached SR697.83 million during the fourth quarter compared to a profit of SR26.20 million for the same quarter of the previous year after adjustment by a profit increase of 2563.57 percent.
The total operating profit during the fourth quarter reached SR721.65 million as against a loss of SR94.87 million for the same quarter of the previous year after adjustment by increasing an 861 percent profit.
The net profit for the current period (12 months) amounted to SR581.06 million, compared to profit of SR91.92 million for the same period of the previous year after adjustment by a 532 percent profit increase.
The earnings per share during the current period (12 months) reached SR0.63, compared to a SR0.10 profit for the same period the previous year after adjustment by increasing in profit.
The gross profit during the current period (12 months) has reached SR729.54 million compared to SR434.45 million for the same period last year, after the adjustment by increasing a 67.92 percent profit.
The operating profit during the current period (12 months) has reached SR744.35 million compared to a profit of 210.62 million for the same period last year, after the adjustment by increasing a 253 percent profit.
Jabal Omar Development Company CEO Yasir bin Faisal Al-Sharif expressed his happiness over the achievement of profits and growth in record time. He confirmed that the company is continuing to consolidate its position and strengthen its capacity in the implementation and marketing of its hotel, commercial and residential projects, which are considered in accordance with the Kingdom’s Vision 2030, and with the private sector as a key driver.
He pointed out that the four hotels that are currently owned by Jabal Omar Development Company are Conrad Jabal Omar, Hyatt Regency Jabal Omar, Hilton Suites Jabal Omar, and Marriott Jabal Omar. 
According to the executive program of the Jabal Omar project, these will be joined by another chain of hotels operated by major names and hotel companies in the world, in addition to a range of premium business centers and hotel luxury apartments that meet the needs of different groups. 
These will thus contribute to strengthening the company’s varied revenues as well as meeting the increase on hotel, residential and commercial demand under the Kingdom’s Vision 2030 program to double the number of pilgrims.
Some of the amounts of the previous period have been reclassified to go along with the presentation in the current financial period as described in Note 15 in the interim financial statements.

Source: Arab News