Riyadh – Mubasher: Jabal Omar Development reported a net profit of SAR 581.06 million ($155 million) for the fiscal year ended 30 Dhul-Hijjah 1437H (corresponding to 3 October 2016) up 532.14% from SAR 91.92 million ($24.5 million) in the year-ago period.
Profits were attributed to better revenues from the S1 and S2 residential areas as well as lower expenses, according to a bourse filing on Thursday.
The company also turned a profit in the fourth quarter of 2016 with SAR 691.07 million against a net loss of SAR 126.95 million in Q3-15.
Revenues for the fiscal year grew 90% on the year to SAR 1.48 billion from SAR 779.4 million, but surged 882% year-on-year in Q4-16 to reach SAR 1.1 billion compared to SAR 112.8 million.
Jabal Omar’s fiscal year ends with the end of the Hijri year.
