Riyadh- Mubasher: Jabal Omar Development posted a net profits of SAR 62.4 million ($16.63 million) in the second quarter ended 29-06-1438 Hijri, against net losses of SAR 44 million ($11.73 million) in the same period of the year before.
The company's profits dropped 21.4% compared to the first quarter of 2017, according to a filing to the Saudi Stock Exchange (Tadawul) on Monday.
The reason for achieving profits during Q2 was the increase in sales revenues from residential units and hotel revenues, according to the bourse filing.
Jabal Omar's profits stood at SAR 141.7 million during the six months ended on 26-06- 1438 Hijri year, against losses of SAR 119.5 million, in the same period of the year before.
Total revenues surged 167% reaching SAR 269.31 million in the first quarter, compared to SAR 100.8 million in the corresponding period in the year earlier.
The Saudi company previously reported achieving net profits worth SAR 79.3 million ($21.15 million) in Q1 ended 30-03-1437 Hijri, against losses of SAR 75.51 million ($20.14 million) in the same period in the year before.
