Riyadh-Mubasher: Jabal Omar Development Co. has signed on Wednesday an agreement with Saudi Arabia’s finance ministry to delay the first installment of a SAR 3 billion loan, the company said in a filing to the Saudi bourse.
Under the agreement, the first installment has been rescheduled for 1 January 2019.
The move will likely have a positive impact on shareholders’ equity and cash flows, the statement added.
On 2 February 2013, the developer had obtained the finance ministry’s approval to delay the payment for two years, and thus the first installment was initially rescheduled for 1 January 2016.
The company posted net earnings of SAR 91.92 million for 1436, falling 78% compared with SAR 422 million a year earlier.
