Riyadh – Mubasher: Jabal Omar Development’s net profit rose 9% year-on-year to SAR 9.49 million ($2.5 million) in the third quarter ended on 30 June 2016 from SAR 8.67 million ($2.3 million).
The company attributed the increase in net profit to the redemption of doubtful debts provision formed a year ago at a value of SAR 84 million, according to a bourse filing on Sunday.
The Saudi-listed company achieved net losses of SAR 110 million in the nine-month period ended on 30 June 2016 against SAR 218.9 million net profit in the same period of the previous year.
